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| Infinity Residences at The Triangle, an apartment community consisting of 529 units in North Central Austin, TX |
AUSTIN, TX, July 20, 2020 –
JLL Capital Markets announced today that it has arranged the sale and financing
of the Infinity Residences at The Triangle, an apartment community
consisting of 529 units in North Central Austin, Texas.
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| Elie Rieder |
JLL completed the sale from the seller, Dinerstein
Companies, to the buyer, Castle Lanterra Properties. JLL also worked on behalf
of Castle Lanterra Properties to secure the 10-year, floating-rate loan through
Freddie Mac.
The loan will be serviced by Holliday
Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
In 2017, HFF, now part of JLL, sold the property to Dinerstein
Companies, which consisted of 80,000 square feet of retail below the apartments
with a ground lease on the property.
Between 2006 and 2008, a three-phase project
was conducted to revamp some units and increase the square footage of the
retail space to 110,000. The retail space is owned separately and not part of
this sale.
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| Sean Sorrell |
Recent unit upgrades to the apartment community, also
referred to as “The Triangle”, include stainless steel appliances, Nest
thermostats and other smart technology, updated and modern fixtures and
restaurant-style undermount sinks.
The Triangle, which is positioned on 23.15
acres, consists of six buildings totaling 553,648 square feet offering studio,
one-, two- and three-bedroom units averaging 1,043 square feet.
"We are very excited to begin the next
chapter of this truly superb residential community located in one of the
most dynamic cities in the country," noted Elie Rieder, Founder and
CEO of Castle Lanterra Properties.
"In addition to
our hands-on management and continued investment in the property, Triangle is
well positioned to benefit from the numerous job producing sectors surrounding
the property including, the University of Texas, Dell Medical
School, the U.S. Army Futures Command, Texas Health and Human Services
Commission’s new headquarters (expected to employ 2,500 people), as well as the
biggest names in the technology industry."
Austin has been ranked #2 for Best Job Market by Forbes and was
ranked #1 Market for Real Estate Investment in 2020 by Emerging Trends in Real
Estate and has had a recent surge in young professionals moving to the area due
to this booming market.
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| Ryan McBride |
The apartments are positioned in a submarket with
properties experiencing a 7.69% growth in renters over the past several years
and a thriving local Austin economy.
JLL’s Capital Markets team representing the seller was led by
Senior Managing Director Sean Sorrell and Director Ryan McBride. Managing
Director Robert Wooten led debt coordination of the deal.
JLL
delivers multi-housing investors a full range of solutions through one diverse,
integrated platform. The division employs approximately 400 professionals who
provide comprehensive investment sales and disposition services with access to
thousands of domestic and foreign investors.
JLL is also one of the nation’s
largest affordable and conventional multi-housing and seniors housing lenders
with comprehensive loan underwriting, asset management and loan servicing
capabilities.
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| Robert Wooten |
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by
Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1,
2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
CONTACT:
Natalie
Passarelli
Public Relations
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
Chicago, IL 60601
M
+1 224 477 7307
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