Walton Street Capital, LLC Subsidiary Provides $ 61.4 Million Loan to Old Three Hundred Capital and ArrowMark Partners to Acquire Muir Lake Apartments, a 332-Unit Multi-Family Community Near Austin | Associated press
CHICAGO – (BUSINESS WIRE) – June 7, 2021–
A subsidiary of Walton Street Capital, LLC (“Walton Street”) announced that it had provided a loan of $ 61.4 million to Old Three Hundred Capital and ArrowMark Partners (each a “sponsor”) for the acquisition of Muir Lake Apartments, a 332-unit garden-style multi-family community located at 12600 Avery Ranch Blvd in Cedar Park, TX, a submarket located northwest of Austin.
Muir Lake Apartments, a 332-unit garden-style multi-family community located in Cedar Park, Texas, a submarket located northwest of Austin. (Photo: Business Wire)
Built in 2014 by local developer Larry Peel, the property is currently 96% leased. The waterfront asset features Spanish coastal architecture and high quality finishes. Facilities include access to the lake by boat and canoe, swimming pool and terrace, poolside barbecues and lounge with fireplace, clubhouse, billiards room, indoor hammam, sauna and Jacuzzi , a fitness center, a yoga room, a dog park, a hiking and biking trail and a room for water sports. After the interior refurbishment of the sponsors, the product should be positioned to compete with newer products in the market given the quality of the build.
Muir Lake is close to popular employers and retail businesses, making it a prime location in Northwest Austin. Austin continues to be a national leader in job and population growth, which should continue to drive demand for multi-family housing.
In 2021, the Walton Street subsidiaries have entered or are in the process of concluding loans on multi-family projects totaling approximately 3,450 units in several high-growth markets.
About Walton Street Capital, LLC: Walton Street is a private real estate fund manager who, since its inception in 1994 through its affiliates, has raised approximately $ 14 billion in capital commitments from a wide range of sophisticated institutional investors. Executives on Walton Street have collectively acquired, financed, managed and sold over $ 50 billion in real estate and have an average of 21 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through multiple real estate cycles over distinct five decades and over 40 years, forging long-term and deep relationships with lenders, public real estate owners and private operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has generated over $ 10 billion in loan opportunities for its affiliates since its inception.
CONTACT: Walton Street Capital, LLC
KEYWORD: ILLINOIS TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INTERIOR DEVELOPMENT PROFESSIONAL SERVICES RESIDENTIAL BUILDING AND REAL ESTATE FINANCING CONSTRUCTION AND REAL ESTATE REIT
SOURCE: Walton Street Capital, LLC
Copyright Business Wire 2021.
PUB: 06/07/2021 14:21 / DISC: 06/07/2021 14:22
Copyright Business Wire 2021.