Old Three Hundred Buys Luxury Community Near Austin
- Jun 09, 2021
Old Three Hundred Capital has purchased Muir Lake Apartments, an upscale 332-unit multifamily property in Cedar Park, Texas. JLL Capital Markets helped the buyer secure a $61.4 million acquisition loan with Walton Street and a second equity package with Arrowmark Commercial Real Estate Partners. DRA Advisors had owned the asset for two years, according to Yardi Matrix data.
Located at 12600 Avery Ranch Blvd., the 46.1-acre property totals 20 buildings offering a mix of one- and two-bedroom units ranging from 640 to 1,700 square feet. On-site amenities include a swimming pool and patio, barbeque and fireplace area, gym, spa, community room and business center. The property has 2,000 feet of lakeside frontage with a private boat and canoe deck and a dog walking park. Under the new ownership, the 2014-built community will undergo an interior renovation program.
Muir Lake Apartments is 18 miles from downtown Austin and is close to a vast retail area along US Route 183, including several shopping malls and restaurants.
The JLL Capital Markets team negotiated both financing packages included Senior Directors Marko Kazanjian and Chris McColpin, and Analyst Andrew Cohen.
Recently, the same team represented Old Three Hundred Capital and Pearlmark Real Estate in an $11.4 million financing deal for a value-add portfolio in San Antonio.