Orion Acquires Austin Community

CBRE arranged a 10-year fixed rate loan through the Fannie Mae Green Financing program for the acquisition of the 199-unit property.

Triple Crown 2
Triple Crown 2

Orion Real Estate Partners has purchased Triple Crown 2, a 199-unit, garden-style property in Austin. For the acquisition of the community, CBRE arranged a 10-year fixed rate loan through the Fannie Mae Green Financing program. The Property Society was appointed to manage the asset.

Triple Crown 2 is located at 1212 Westheimer Drive, within five miles of The University of Texas at Austin and less than six miles from downtown Austin. In addition, the property is 20 minutes away from The Domain business, retail and residential center and from the Austin-Bergstrom International Airport.

Completed in 1973, the 25-building property occupies 6.8 acres and comprises one-, two- and three-bedroom units, averaging 750 square feet. Community amenities include a swimming pool, four laundry facilities and 410 parking spaces. The buyer plans to invest approximately $1.8 million to upgrade the interiors and exteriors of the property, as well as the amenities of the community.

In another recent transaction, CBRE arranged the sale of a 102-unit garden-style community in Stoughton, Mass.

Image courtesy of Yardi Matrix