AUSTIN, Texas – August 12, 2021 – Berkadia announced today the sale of and financing secured for Falconhead Apartments, a 248-unit garden-style multifamily property located in Austin, Texas. Managing Director Kelly Witherspoon, Directors Justin Cole and Michael Gonzalez and Associate Director Adam Sumrall of Berkadia Austin, Texas completed the sale on behalf of the seller, Texas-based SWBC Real Estate, and secured the buyer, Domain Communities, also based in Texas. The deal closed on July 13.
Managing Director Andy Hill and Associate Director Tyler Nowlin, also of Berkadia Austin, Texas, secured $43 million in acquisition financing on behalf of the buyer. The five-year, interest-only bridge loan through MetLife Investment Management will also fund planned upgrades of the property.
“The Bee Cave, Lakeway pocket has experienced tremendous growth in recent years due to the quality of life it provides with rolling hills and lake access, the top-rated Lake Travis ISD school system and the highly coveted residential enclaves throughout,” said Witherspoon. “Our team is excited to see what Falconhead’s evolution will become under Domain Communities’ leadership. It’s a very special community.”
“After extensive discussions with a wide variety of capital sources, we were able to work with MetLife Investment Management to deliver a loan structure that was consistent with the buyer’s business plan and provided the leverage and flexibility they needed,” said Hill. “We were pleased to work with Domain Communities as they grow their footprint in the Austin area.”
Located along Ranch Road 620 between the Hill Country Galleria and Lakeway, Falconhead Apartments features a variety of floor plans, ranging from 732 square feet to 1,273 square feet. Units feature granite countertops, stainless-steel appliances, plank flooring and select units feature pet yards. Community amenities include an extensive pet park with a pet wash station, a fitness center, a resort-style swimming pool, golf course views and direct access to the City of Bee Cave trail system. Residents are afforded convenient access to the shops and restaurants along Ranch Road 620, Lake Travis High School and Falconhead Golf Club.