City North at Sunrise Ranch Changes Hands
- Nov 01, 2016
Austin, Texas—Starlight U.S. Multi-Family (No. 5) Core Fund announced that it has acquired City North at Sunrise Ranch, a Class A apartment community in Austin’s Round Rock submarket. In connection with the acquisition of City North, the Fund has now fully deployed the proceeds of its public offering that closed on Oct. 18.
The Fund was established in October 2016 to acquire a portfolio of stabilized Class A multifamily real estate properties in the southeastern U.S. constructed 2008 or newer. At the time of the transaction, City North at Sunrise Ranch was 93.2 percent occupied. Alliance Residential Co. will manage the community, marking the seventh property it manages for the Fund.
The 384-unit City North, located at 2800 Sunrise Road, consists of 19 three-story walk-up buildings situated on a 20.6-acre site and offers one- to three-bedroom floor plans. Units feature ceiling fans, full-size washer & dryers, 9-foot ceilings, walk-in closets, faux-granite counters, and upgraded faucets with a vegetable sprayer and shaker-style maple cabinetry. Select units offer sunrooms, gas fireplaces and faux-wood flooring.
Common-area amenities include a resort-style swimming pool with sundeck, outdoor fire pit, onsite car care center, dog park, resident lounge with multiple televisions, business center and fitness center. Furthermore, City North at Sunrise Ranch offers 60 carports, 55 garages and 24 storage units.
Image courtesy of Yardi Matrix