Cardone Capital, an Aventura, Fla.,-based private equity real estate firm, recently acquired the 458-unit Gables Grandview luxury apartment community in Austin, Texas, from Gables Residential and rebranded it as 10X Living at Grandview.
The sale price was not disclosed, but estimated to be approximately $80.1 million. While unconfirmed, it is believed to be reasonably representative of the transfer, according to Yardi Matrix data. CBRE Capital Markets originated a $60.7 million loan from Fannie Mae for the property in late December, Yardi Matrix reported.
“10X living at Grandview is exactly what we look for at Cardone Capital, a great location with affordable rents. We expect this acquisition will be extremely rewarding for our investors,” Ryan Tseko, Cardone Capital portfolio manager, said in a prepared statement.
The neighborhood surrounding Grandview has single-family home values of nearly $900,000 and homes with views comparable to Grandview exceed more than $1 million, according to the firm. The one-mile radius surrounding the property has an average household income of more than $195,000.
“Sitting on the summit of one of the highest mountains in all of Austin and the surrounding metropolitan areas, the location of 10X at Grandview is irreplaceable, offering outstanding views,” CEO Grand Cardone said in a prepared statement. “Residents enjoy incredible convenience to major employers, upscale retail and recreational venues nearby at Lake Austin and Bull Creek Park.”
The Class A multifamily community, located on 87.7 acres, contains 34 buildings and was completed in 2003. It is approximately 94 percent occupied, with monthly rents that range from $1,245 to $2,246 with an average of $1,586. The buildings have a variety of floorplans with one-, two- and three bedroom units, all of which feature full-size washers and dryers. Community amenities include a fitness center, business center, clubhouse, swimming pool and spa.
This was the fourth sizable acquisition in 2018 for Cardone Capital, which acquires and manages income-producing properties, mostly in the multifamily sector, in the growth markets of Georgia, Texas, Alabama and Florida. One of its new assets included The Woodway Square, a 507-unit luxury community in Houston acquired in February from Fairfield Residential. The 33-building property was developed in 1992 and features one- and two-bedroom apartments in six layouts.
In September, the firm sold an 826-unit portfolio in Nashville, Tenn. to Morgan Properties for $91 million. The communities included the 186-unit Lincoya Bay; 200-unit Hickory Creek; 238-unit Jackson Grove in Hermitage, Tenn.¸ and the 202-unit Sheffield Heights property.
Image courtesy of Yardi Matrix
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