The newly constructed Silverado Crossing has been purchased by the Meagher Family Trust; JCI Residential was the seller, represented by HFF (Holliday Fenoglio Fowler, L.P.). Terms of the transaction were undisclosed, but the acquisition of the complex ran its course free and clear of debt, projecting full stabilization.
The development is located in Austin’s suburb Buda on Interstate 35, at 1480 Cabelas Drive. Construction of the 300-unit multi-housing community was completed in 2013. Silverado Crossing offers one-, two-, and three-bedroom units that range in size between 625 square feet and 1,291 square feet. Unit amenities include granite kitchens and baths, oval garden bathtubs, 9-foot ceilings, island kitchen with pantry, yards for pets, full-size washer and dryer connections, and exterior storage. Community amenities feature a resort-style swimming pool, dog watering stations, concierge services in clubhouse, fitness center, movie theater, and sand volleyball court.
Silverado Crossing has found an uncommon way to differentiate itself from other residential communities. They’ve created an extensive resident event calendar, featuring weekly events such as “Weird Wine Wednesdays”, yoga classes, and movie nights. On a monthly basis community cooking classes and complimentary breakfast & coffee are organized too. Moreover, Silverado Crossing residents receive the exclusive “Live in Buda” club card, a discount program for Buda area businesses which provides special rates on shopping, restaurants, and services.
“Silverado Crossing is one of the hottest properties in this burgeoning submarket; when HFF began marketing it was at 60 percent occupancy and by the time the property was under contract occupancy had already increased to 73 percent,” said Sean Sorrell, senior managing director who led the sales team representing JCI Residential. “Given the record levels of leasing, the property traded as if fully stabilized with no discounts given for leasing/occupancy levels.”
Photo courtesy of Silverado Crossing Facebook Page.