PCCP Secures Financing for 2 Austin Deals

The two properties, located along East Sixth Street, comprise a total of 254 units.
Candela. Image courtesy of PCCP

PCCP has provided $46 million in acquisition financing for two adjacent Austin, Texas apartment communities totaling 258 units. Transwestern Development Co. sold the properties. Last month, the company also sold The Arnold, a 346-unit community located near the two assets.

Indie, which encompasses 139 units, came online in 2018 and comprises a mix of studio, one- and two-bedroom apartments. According to Yardi Matrix, common-area amenities include a fitness center, clubhouse and laundry facilities.

Built in 2019, Candela comprises 115 units in a combination of studio, one- and two-bedroom apartments. The average unit size at the five-story building is 837 square feet. Common-area amenities include a swimming pool and clubhouse, according to Yardi Matrix files.

Located along East Sixth Street in East Austin, the properties are within 1 mile of the city center and within walking distance of the Plaza Saltillo light rail station. Huston-Tillotson University is also within walking distance of the assets. Indie and Candela are 8 miles from Austin-Bergstrom International Airport.