Multi-housing property in Southwest Austin sells
JLL Capital Markets closed on sale and secures acquisition financing for the 202-unit apartment community in desirable Austin submarket
AUSTIN, June 28, 2024 – JLL Capital Markets announced today that it has closed the sale and secured acquisition financing for Vineyard Hills Apartments, a 202-unit, 2000-vintage, garden-style apartment community located in Southwest Austin, Texas.
JLL Capital Markets worked on behalf of the seller, Bob Reeves, to facilitate the sale to S2 Capital. Working on behalf of the new owner, JLL also procured the acquisition loan from Benefit Street Partners.
Featuring a range of one-, two- and three-bedroom options, Vineyard Hills has an average unit size of 928 square feet. Each unit is designed with features such as walk-in closets, balconies and detached garages and select units with fireplaces, bay windows and tile floors. Additionally, the property offers its residents a range of amenities, including a pool, heated spa, picnic area with BBQ grills, an on-site laundry facility and a dog park.
Vineyard Hills benefits from its strategic location at 7631 U.S. Hwy 290, offering convenient access to the greater Austin area via Highway 290 and Loop 1 (Mopac Expressway). This prime location is surrounded by sought-after neighborhoods such as Oak Hill, Circle C and Barton Creek, enhancing the appeal for potential residents.
Moreover, residents are in close proximity to some of Austin's most prominent and influential employers, including Yeti Headquarters, AMD, NXP Semiconductors, ARM, Solar Winds and Ascension Seton Southwest Hospital.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Ryan McBride and Robert Arzola, Senior Managing Director Robert Wooten and Associates Alex Fernandes and Nick Beardslee.
“The Southwest submarket stands out as one of Austin's highest barrier-to-entry submarkets for new developments, providing a solid foundation for investment and growth,” said Wooten. “As Austin continues to be a top target market among private and institutional investors, the outlook for multi-housing remains strong.”
Senior Managing Director Mark Brandenburg led the JLL Capital Markets Debt Advisory team.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About S2 Capital
Founded in 2012, S2 is a Dallas-based national multifamily investment platform specializing in value-add, opportunistic, and distressed investments. With approximately $10 billion in transaction volume, S2 has acquired over 47,000 units through 137 acquisitions and has successfully invested over $500 million in upgrades and renovations. S2 is a vertically integrated multifamily investment platform investing through its series of commingled closed-end vehicles, with skilled teams in acquisitions, capital formation, construction, asset management and operations working closely together to execute the firm's business plan. The firm concentrates its investments in the U.S. Sunbelt, including Arizona, Florida, Georgia, North Carolina, South Carolina, Texas, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. For more information, visit s2cp.com.