Sherman Residential Buys Austin Community

Nationwide Life Insurance Co. provided a $28.8 million loan for the acquisition.

Watre Oak is a 292-unit luxury community in Austin, Texas.

Community amenities at Water oak comprise a swimming pool with sundeck and a theater room. Image courtesy of Yardi Matrix

Sherman Residential has acquired Water Oak, a 292-unit luxury community in Austin, Texas, from JCI Residential. Newmark represented the seller in the transaction.

The buyer secured $28.8 million in acquisition financing from Nationwide Life Insurance Co., according to public records. The loan matures in January 2029.

Delivered in 2022, the property encompasses 13 three-story buildings across 17.6 acres. Units are available in one-, two- and three-bedroom floorplans, ranging between 550 and 1,295 square feet. Select apartments feature washers, dryers and private balconies or patios.

Common-area amenities include a clubhouse, a fitness center, a swimming pool with sundeck, a business center and a barbecue/picnic area. In addition, there are lounge areas, a theater room, a dog park and a pet spa.

Located at 12234 Heatherly Drive, the garden-style community is within 4 miles from the Southpark Meadows shopping mall and a Walmart Supercenter. Austin-Bergstrom International Airport is within 12.5 miles, while downtown Austin is some 12 miles northeast.

The Newmark team that represented the seller was led by Vice Chairman Patton Jones and Managing Director Andrew Dickson. Earlier this year, the duo represented Stanmore Partners in the sale of The Warner, a 336-unit luxury property in Round Rock, Texas, an Austin suburb.

Sherman Residential kicked off the beginning of the year with the acquisition of Axis Grand Crossing, a 322-unit luxury community in Grand Prairie, Texas, from Wood Partners. In July, the firm purchased Eleven West, a 264-unit community in San Antonio.

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