Cedar Park has experienced a 45 percent population increase since 2010 due to its proximity to downtown Austin, along with other major economic and social drivers. And due to this unstoppable population, multifamily continues to stay top of mind for investors. A recent example was the $61.4 million purchase of Muir Lake Apartments by Old Three Hundred (OTH).

“The lakefront location, incomparable amenity set and unique Spanish coastal architecture position this asset to stand out from the crowd once we complete our interior value-add program,” said Nicholas Yarnall, OTH co-managing partner. “We see significant opportunity to capture appreciation, given the amenity set and proximity to major economic drivers in the city, with the Domain, new major employment campuses and more just minutes away.”

Built in 2014, Muir Lake Apartments totals 332 one- and two-bedroom units and is 96 percent leased. The property sits on 46.1 acres at 12600 Avery Ranch Blvd. along a 30-acre lake with more than 2,000 feet of lakeside frontage. The property is also within a five-minute drive from more than 3 million square feet of shopping and 10 minutes from The Domain.

JLL worked on behalf of the borrower, Old Three Hundred Capital, to secure the financing through Walton Street. JLL also secured an undisclosed amount of equity through Arrowmark Commercial Real Estate Partners. The JLL borrower team was led by Marko Kazanjian, Chris McColpin and Andrew Cohen.