Boston Buyer for Austin Apartments

By Anca Gagiuc, Associate Editor

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