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The REIT has partnered with several institutional investors for the deal, including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management and a major Canadian institutional investor.
The national average rent in a high-end building is around $1,640 per month, about $490 more than an apartment in a low-end building, with Dallas rates now clocking in at $1,428 per month on average.
What makes The Triangle unique is the type of deal creativity necessary in Austin, i.e., the use of a condo map to legally divide the retail from the multifamily, making each piece more valuable.