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.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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