Lantower Residential Acquires NXNE in North Austin
- May 09, 2017
Lantower Residential acquired a 375-unit contemporary style community in the Tech Ridge submarket of Austin, Texas, dubbed NXNE (North by Northeast). The property features studios, one- and two-bedroom floor plans ranging in size from 475 to 995 square feet. Unit amenities include granite countertops, stainless steel appliance packages, kitchen islands and spa-style tubs. Residents can also enjoy common facilities such as a resort-style pool with pavilions and aqua lounge, fitness center, recreational lake with walking trail, clubhouse with café bar and media lounge, pet park and indoor pet spa.
The 23-building property is sited on 17.5 acres at 14233 The Lakes Blvd., near Mopac Expressway and SH-130 Tollway, in the Tech Ridge district. The area is home to major tech employers such as Dell, Apple, IBM and Samsung. The Domain, Arboretum at Great Hill and Top Golf Austin are also in the vicinity. The community was completed in 2016 by means of a $24.3 million construction loan originated by Comerica Bank for California investor Ledcor Properties, according to Yardi Matrix data.
“The acquisition of NXNE Apartments enables Lantower Residential to expand its current Austin position, with a newly-built Class A asset, in one of the strongest employment stories in Austin. The locale relative to tech employers, coupled with the modern design, makes NXNE an immensely accretive acquisition,” Lantower Residential COO Philippe Lapointe said in prepared remarks.
Images courtesy of Yardi Matrix & Lantower Residential