Thursday, March 6, 2014

HFF closes “pre-stabilized” sale of Class A multi-housing community in Austin/San Antonio, TX Corridor

  
Silverado Crossing Community,  1480 Cabelas Drive,
 west of Interstate 35 about 16 miles south of downtown Austin
and The University of Texas in
 Buda, TX


Sean Sorrell
AUSTIN, TX – HFF announced it has closed the sale of Silverado Crossing, a newly-constructed, 300-unit, multi-housing community located on Interstate 35 in the Austin suburb of Buda, Texas. 

               HFF marketed the property on behalf of the seller, JCI Residential.  The Meagher Family Trust purchased the asset projecting full stabilization, free and clear of debt.

               Completed in 2013, Silverado Crossing features one-, two- and three-bedroom units averaging 852 square feet each. 

The community differentiates itself through an extensive resident event calendar, featuring weekly events such as “weird wine Wednesdays”, yoga classes, and movie nights; and monthly events such as community cooking classes and complimentary breakfast & coffee.



               The HFF investment sales team representing JCI Residential was led by senior managing director Sean Sorrell.

               “Silverado Crossing is one of the hottest properties in this burgeoning submarket; when HFF began marketing it was at 60 percent occupancy and by the time the property was under contract occupancy had already increased to 73 percent,” said Sorrell.  “Given the record levels of leasing, the property traded as if fully stabilized with no discounts given for leasing/occupancy levels.”


JCI Residential is a full service Austin, Texas-based multifamily development firm with a regional focus on large scale Class A residential communities. The firm’s lead principals are Sam Kumar and Kurt Goll.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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