Falconhead Benefits from Growth Spurt in Bee Cave

Falconhead Apartments, a 248-unit garden-style multifamily property located in Austin, recently sold to Domain Communities. The price was undisclosed.

Kelly Witherspoon, Justin Cole, Michael Gonzalez and Adam Sumrall of Berkadia Austin completed the sale on behalf of the seller, Texas-based SWBC Real Estate, and secured the Texas-based buyer.

“The Bee Cave, Lakeway pocket has experienced tremendous growth in recent years due to the quality of life it provides with rolling hills and lake access, the top-rated Lake Travis ISD school system and the highly coveted residential enclaves throughout,” said Witherspoon.

Andy Hill and Tyler Nowlin also of Berkadia Austin secured $43 million in acquisition financing on behalf of the buyer. The five-year interest-only bridge loan through MetLife Investment Management will also fund planned upgrades of the property.

“After extensive discussions with a wide variety of capital sources, we were able to work with MetLife Investment Management to deliver a loan structure that was consistent with the buyer’s business plan and provided the leverage and flexibility they needed,” said Hill.