TODAY’S DEALS: Why Heitman Thinks Austin is Awesome
Austin continues to prove a hot destination for institutional money; and a mobile home park finds favor with Bernard Financial.
Austin, Texas—StreetLights Residential has sold The Kenzie at The Domain, a 279-unit, six-story multifamily asset located in North Austin. IPA brokered the sale. Heitman picked up the asset for $42.3 million, according to Yardi Matrix data.
While some have heeded caution in the energy markets, investors are still hot on Texas. Austin’s average per unit price in 2015 ($107,409) is still climbing over the $104,801 average achieved in 2014. You can also expect rents to rise about 6 percent this calendar according to Yardi Matrix. So it is no wonder Heitman was interested in this trophy property, which IPA said is surrounded by more than 90,000 jobs within a three-mile radius.
The Kenzie is located at 3201 Esperanza Crossing in The Domain, a master-planned community with more than 1 million square feet of retail, dining and entertainment, and more than 2.5 million square feet of office space. The community itself features a 17,000-square-foot resident entertainment area, as well as a pool and fireside social setting.
Mobile home park finds favor with Bernard Financial
Cedar Spring, Mich.—Bernard Financial Group has arranged a $3 million loan for Cedar Springs Mobile Estates. The property is located in Cedar Spring, Mich. The borrowing entity is Cedar Springs Associates LLC. The loan was originated by Dave Dismondy.
The lender, Stancorp Mortgage Investors, is an exclusive correspondent of Bernard Financial Group, who will be servicing the loan. Bernard Financial Group, located in Southfield Michigan, is a mortgage banking firm representing several life insurance companies and CMBS lenders as well as a member of Strategic Alliance Mortgage (SAM).