Marcus & Millichap Brokers Largest Exchange Funding Transaction in Texas Under American Recovery and Reinvestment Act
- Jun 28, 2010
Austin– Marcus & Millichap Real Estate Investment Services brokered the sale of Malibu Apartments, a 218,600-square foot, 476-unit multifamily property in Austin.
Will Balthrope, a vice president investments in the firm’s Dallas office; Joe James, a multifamily investment specialist in St. Louis; and Ryan Epstein, a senior associate in San Antonio, represented the seller. Marcus & Millichap also represented the buyer, The Mulholland Group LLC, a New York State-based national multifamily housing company.
“To date, this transaction is the largest exchange-funding project in the state of Texas, and possibly the country, under the American Recovery and Reinvestment Act,” says Balthrope. “The Mulholland Group’s investment includes tax credits from the Department of Housing and Community Affairs and funds from the city of Austin Affordable Housing GO Bonds,” he adds.
“We are proud to provide quality and affordable housing opportunities for families in Austin and look forward to being actively involved as good stewards in the community,” says Royce A. Mulholland, president and CEO of The Mulholland Group LLC.
Located at 8600 North Lamar Blvd. in Austin’s north central submarket, the property is close to major employers, the University of Texas and major freeways.
Malibu Apartments sits on a well-maintained 14.17-acre site with a swimming pool, fitness center, playground and courtyards. Floor plans include a 350-square foot efficiency unit, a 500-square foot one-bedroom apartment and a 750-square foot two-bedroom apartment.
The property is currently 96 percent occupied, has been recently upgraded and is in good condition.