PCCP LLC provided $46 million in financing for the acquisition of two recently delivered apartment properties in East Austin, TX. Developer/seller Transwestern Development Co. (TDC) sold the adjacent Indie and Candela, which totals 258 units.

While the buyer was not disclosed, records indicated that IRP Candela Apartments LP/IRP Indie Apartments LP of San Francisco struck the deal with TDC. The LPs were traced to ICONIQ Strategic Partners LP.

Indie, located at 1630 E. 6th St., was completed in mid-2018, and contains 139 micro-units, with fitness center, common work areas and clubhouse. Candela delivered in mid-2019 at 1614 E. 6th St., and offers larger floor plans. Amenities include a resort-style pool courtyard, co-working spaces and resident lounge with kitchen and dining areas.

“The deal set up couldn’t be better: high quality assets in an “A” location for a sophisticated sponsor. We are very pleased to be in the mix,” said Tina Ramos with PCCP.

Pictured: Candela Apartments

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