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| 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 |
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| 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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