JLL Facilitates Sale of Texas Community
- Aug 14, 2019
JLL has arranged the sale of Whispering Oaks, a 54-unit community in Lockhart, Texas. A JLL team of Vice President Richard Mireles, Executive Vice Presidents Moses Siller and Zar Haro represented the seller, Barker Investments, in the transaction. The Seay Group purchased Whispering Oaks and was self-represented in the deal.
“Due to the number of units the property offers, the buyer pool was mainly comprised of well-capitalized private investors from California to Texas that not only wanted to be in Central Texas but understood the potential Lockhart had to offer based on the close proximity to Austin, San Marcos, and San Antonio,” Richard Mireles, vice president at JLL, told Commercial Property Executive.
Located at 1320 Wilson St., Whispering Oaks is near freeways 130 and 183, approximately 17 miles from the Austin Bergstrom International Airport and around 30 miles southeast of Austin. Built in 1985, the community comprises a mix of one- and two-bedroom units, averaging 798 square feet. Recent upgrades include new HVAC systems and repainted buildings. Property amenities include on-site laundry facilities, a playground and a basketball court.
“The completion of State Highway 130 toll road has been a game-changer for growth in Lockhart and allows people/businesses quick access and shorter commute times to Austin or San Antonio on the nation’s fastest toll road. Overall, we have seen an increase in businesses migrating to Lockhart along with new multifamily and residential developments which are indicative of a growing market that provided a strong comfort level to the investment community,” added Mireles.
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