S2 Capital Acquires Austin’s Vineyard Hills Apartments

S2 Capital has acquired Vineyard Hills Apartments, a garden-style apartment community situated in the southwest quadrant of Austin, Texas. Nearly a quarter-century-old, the property features 202 units. The property was sold by Bob Reeves in a transaction arranged by JLL Capital Markets, which obtained an acquisition loan from Benefit Street Partners.

Situated at 7631 U.S. Highway 290, Vineyard Hills Apartments features a variety of one-, two- and three-bedroom residences with an average unit size of 928 square feet. Features of the apartment homes include walk-in closets, detached garages and balconies. Select units feature fireplaces and bay windows. A picnic area with barbecue grills is among the property’s higher-profile common-area amenities.

Well located asset

Vineyard Hills Apartments’ location provides residents will quick and easy access to Highway 290 and Loop 1 (Mopac Expressway) and the greater Austin area. Neighborhoods like Oak Hill, Circle C and Barton Creek encircle the property, which enhances the community’s attractiveness to prospective renters.

Several Austin-area job centers are easily reachable from Vineyard Hills Apartments, including Yeti Headquarters, AMD, NXP Semiconductors, ARM, Solar Winds and Ascension Seton Southwest Hospital.

The JLL Capital Markets Investment Sales and Advisory team was shepherded by Managing Directors Ryan McBride and Robert Arzola, Senior Managing Director Robert Wooten and Associates Alex Fernandes and Nick Beardslee. Senior Managing Director Mark Brandenburg led the JLL Capital Markets Debt Advisor team.

In a statement, a JLL official noted that the Southwest submarket of the Texas capital stands as among its highest barriers-to-entry submarkets for new developments. Given Austin’s continuing status as a leading target market for private and institutional investors, multifamily housing fundamentals remain robust. Last month, Ledgestone unveiled The Ander, a new condo development in Austin.