Boston Buyer for Austin Apartments

Strong job growth and a still increasing population keeps Austin in the top five multifamily investment markets without sign of slowing down anytime soon.

By Anca Gagiuc, Associate Editor

Burnet Flats Community

Strong job and population growth keep Austin in the top five multi-family investment markets without any sign of a slowdown. As a case in point, U.S. Real Estate Investment Fund L.L.C. (US REIF), a subsidiary of Boston-based Intercontinental Real Estate, recently acquired a year-old, 179-unit community in central Austin.

Terms were not disclosed, but the buyer obtained a $20.4 million, 10-year fixed-rate Freddie Mac loan originated by Capital One. Bryan Sykes, senior vice president in Capital One’s Boston office, facilitated the loan and explained in a statement that the loan closed in 20 days.

Completed last year and located at 5453 Burnet Rd., Burnet Flats offers one- and two-bedroom apartments that range in size from 600 square feet to 1,141 square feet. Community amenities include a barbecue and picnic area, bike racks, business center, clubhouse, courtyard, fitness center, resort-style swimming pool, and sky lounge with kitchen.

Apartments feature 9-foot-high ceilings, large closets, programmable thermostats, spa-inspired baths with dual sinks, and entry closets. The property also includes 2,853 square feet of retail space

Image courtesy of Burnet Flats