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Investors Chase Suburban Yield, Growth and Inventory

Given some continued softness in the urban core, investors continue to flock to suburban areas chasing yield, economic growth and inventory. This is a trend Berkadia believes will continue for most of 2021. Two Class-A garden-style multifamily properties, The Saint Mary and Hermosa Village, fit that description and recently sold in the Austin metro area.

The Saint Mary buyer was locally based Wildhorn Capital along with its Dallas-based equity partner, Velocis. The seller was Stratus Properties, a publicly-traded heavyweight headquartered in Austin. The 240-unit property is in Southwest Austin.

Hermosa Village is located at 11680 Hero Way West in Leander. The developer and seller of the 238-unit low-density townhome-style development was Austin-based IMPACT Developers. The buyer was California-based Bridge Partners Inc.

Kelly Witherspoon, Michael Gonzalez, Justin Cole and Adam Sumrall of Berkadia’s Austin office completed the sales on behalf of the respective sellers. Andy Hill, also of Berkadia’s Austin office, secured a bridge loan through Ares Management LP on behalf of the buyer for the acquisition of The Saint Mary. Clay Akiwinzie, based in Berkadia’s San Francisco office, secured a loan through La Salle on behalf of the buyer for the acquisition of Hermosa Village.

Pictured: The Saint Mary.

For comments, questions or concerns, please contact Lisa Brown

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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