Velocis has completed the acquisition of The Saint Mary, a 240-unit Class A community in Austin, Texas. Stratus Properties sold the asset, which had an occupancy rate of 85 percent at the time of the deal.
Wildhorn Capital assisted the buyer in sourcing the purchase and will oversee management operations. Berkadia marketed the community on behalf of the seller. In June 2018, the developer financed the project with a $26 million loan from Texas Capital Bank, according to Yardi Matrix data.
Located on 14 acres at 7500 W. Slaughter Lane, the garden-style property encompasses 18 three-story buildings completed in 2019. The unit mix has one- and two-bedroom floorplans with sizes between 884 and 1,432 square feet. The amenity package includes a gym, a swimming pool, business center and open-air kitchen.
The current transaction marks Velocis’ second multifamily acquisition. Towards 2020’s end, the company acquired its first residential asset: the 201-unit Beverley community in Charlotte, N.C. Proffitt Dixon Partners sold the property for $53 million, Yardi Matrix data shows. Velocis received a $35.2 million acquisition loan from Prime Finance Partners for that purchase.
In December, Wildhorn Capital acquired Bradford Pointe, a 264-unit community in Austin, Texas. The company secured a $24.4 million Freddie Mac loan originated by CBRE.