Vantage Communities Receives $103M Refi for Texas Portfolio
Two communities are located in the Austin market and one in San Antonio.
Vantage at Fair Oaks features a resort-style swimming pool among its shared amenities. Image courtesy of Yardi Matrix 
Vantage at Hutto was completed in 2023 in the Austin metro. Image courtesy of Yardi Matrix 
Vantage at McKinney Falls is located at 7900 McKinney Falls Parkway in Austin. Image courtesy of Yardi Matrix
Vantage Communities has obtained a $103 million bridge loan for a three-property, 864-unit multifamily portfolio located in the Austin and San Antonio metropolitan areas in south-central Texas. Benefit Street Partners provided the financing in a deal arranged by Greystone Capital Advisors.
In Austin itself is Vantage at McKinney Falls, totaling 288 units at 7900 McKinney Falls Parkway. The property was completed in 2024.
The other property in the greater Austin market is Vantage at Hutto, also a 288-unit community, which is at 1051 N. Farm to Market 1660 in Hutto, northeast of Austin. The asset was completed in 2023.
The single property in metro San Antonio, also 288 units, is Vantage at Fair Oaks, which is at 9135 Dietz Elkhorn Road in Boerne, a town in the Hill Country northwest of the Alamo City. It was completed in 2023.
All of the properties offer one-, two- and three-bedroom units, which feature washers and dryers and microwaves. Common-area amenities at the properties include clubhouses, fitness centers and resort-style swimming pools.
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The floating-rate, interest-only loan features a three-year initial term with extension options and is cross-collateralized across the portfolio. The financing extinguishes existing debt on the three recently delivered communities. Greystone Capital Advisors’ Drew Fletcher, Bryan Grover, Jesse Kopecky, and Cameron Behr coordinated the debt placement.
South-Central Texas Markets remain soft
Austin and San Antonio, which have been growing together in recent years on their way to becoming a single megaregion connected by I-35, both have multifamily markets growing in ways that reflect that trend. Over the past five years, the I-35 corridor’s multifamily stock expanded by 15,388 units, according to Yardi Matrix data.
San Marcos/Kyle—which is between the two cities along I-35, in the greater Austin area—accounted for two-thirds of this volume, or 10,275 units during the last five years. At the same time, the San Antonio submarkets of New Braunfels (3,573 units), Selma (934 units) and outlying Guadalupe County (606 units) combined for 5,113 new units.
San Antonio apartment fundamentals remained soft through the first quarter of 2026. Average advertised asking rents were flat on a trailing three-month basis, and year-over-year, rents fell 2.8 percent in San Antonio, according to a May Yardi Matrix report. The metro’s occupancy in stabilized assets dropped 100 basis points, to 89.8 percent.
In Austin, rents regained some momentum during the latest leasing season, with advertised asking rents rising 0.4 percent on a trailing three-month basis through May, but year-over-year rates were down 3.7 percent, Yardi Matrix shows. The occupancy rate in stabilized properties fell 90 basis points year-over-year, to 91.8 percent in April.
