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Aggressive Push Continues for Top-Tier Multifamily Assets
Constellation Group continued its aggressive push for top-tier multifamily assets in prime U.S. markets with its acquisition of The Conley Apartments near Austin. The second buyer was Beacon.
Financial terms were not disclosed. Constellation Group obtained acquisition financing from CrossHarbor Capital Partners. The seller was Ben Fuller of Stillwater.
The class-A 259-unit community was constructed in March 2020 at 665 N. Bagdad Rd. in Leander, a city that is experiencing substantial population growth.
The Conley’s garden-style apartments range in size from 521-square-foot studios to 1,598-square-foot three-bedroom units. Portico Property Management will oversee management and leasing at The Conley.
“The consideration of strong market fundamentals in North Austin and quality of the newly built asset were core reasons for this acquisition,” says Eduardo Otaola, Constellation principal.
John Carr of Cushman & Wakefield marketed The Conley on behalf of the seller. Berkadia, led by managing director Scott Wadler and senior director Matthew Nihan, arranged the financing.
- ◦Acquisition
