AUSTIN—U.S. Real Estate Investment Fund LLC (US REIF), a subsidiary of Intercontinental Real Estate, has acquired Burnet Flats in central Austin.
Capital One provided a $20.4 million Freddie Mac 10-year fixed-rate loan for the acquisition, a 179-unit community. US REIF is a repeat Capital One borrower, says the company.
Bryan Sykes, senior vice president in Capital One's Boston office, tells GlobeSt.com that Burnet Flats “represents the third multifamily transaction with Intercontinental in Austin, evidencing their bullish stance on the market.”
Speed of execution was paramount for Intercontinental, says Capital One, which was selected to purchase the property for its ability to close quickly.
Completed in 2014, Burnet Flats was designed to appeal to millennial renters. Community amenities include a clubhouse/leasing office, resort-style swimming pool, “sky lounge” with kitchen, rooftop deck, barbecue grills, and business and fitness centers.
The property includes 2,853 square feet of retail space.
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