Under-Construction Multifamily Finds Buyer

Emerson Apartments located at 1221 New Meister Ln. has sold to a private buyer.

PFLUGERVILLE, TX—In a transaction described as a win-win for both the developer and buyer, a multifamily asset, Emerson Apartments, located at 1221 New Meister Ln., was sold pre-stabilized upon completion to a private buyer at an undisclosed sales price. Kevin Dufour, managing director of FourPoint Multifamily Investments, led the sales efforts with the assistance of FourPoint co-founders Chris Epp and Chris Bancroft, as the team represented the seller and procured the buyer.

“This was a unique transaction, in which the confidential buyer put the property under contract during construction, while only being approximately 20% leased,” Dufour tells GlobeSt.com. “The transaction closed shortly after final certificate of occupancy was issued and was financed with a pre-stabilized bridge loan.”