Austin’s 'burbs may soon be a multifamily mecca, as more people take advantage of the affordable rents, attractive locations and excellent school systems, says BMC Capital VP Hank Crane. He arranged $5.95M in financing for The Meadows (a 100-unit fully occupied multifamily property in Cedar Park), which is across the street from Westwood High School--ranked No. 23 in the nation. ("23 is a prime number!" shouted all of the whip smart, suburb-raised students in unison.) The loan for the $8.625M acquisition features a 69% LTV, five-year fixed-rate at 4% and a 30-year amortization.
Hank tells us apartment complexes outside Austin are being sold at a premium. The under-market rents appealed to the out-of-state buyer of The Meadows, and the units lend themselves to a value-added investment, Hank tells us. The purchaser plans several phases of capital improvements and will upgrade interior doors and fixtures, reconstruct pathways and waterways, and upgrade patio areas.
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