X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

AUSTIN-A Houston-based investment group has added to its multifamily portfolio, acquiring three class A-plus complexes with 1,272 units. Market sources say the buyer has paid close to $170 million for the “Mansion” portfolio.

CNC Investments Inc. has renamed the complexes to reflect its brand-name, Monterone. “He’s actively seeking other deals, particularly in the Austin area,” says Jim Richards, a principal with Houston-based Live Oak Capital Ltd. “Austin’s a market that’s in favor now. The fundamentals are good and job growth is good.”

The loan arranger tells GlobeSt.com that the Mansion portfolio, with its average occupancy of 93%, was in excellent shape when sold by Western Rim Investment Advisory Inc. of Coppell, TX in a direct deal with CNC. “There’s not a lot the owner needs to do with them,” he adds.

The properties are the 583-unit Monterone Round Rock at 7711 O’Connor Dr. in Round Rock, and 502-unit Monterone Steiner Ranch at 4500 Steiner Ranch Blvd. and 332-unit Monterone Canyon Creek at 9009 N. Farm-to-Market 620, both in far north Austin. The complexes are a mix of one- to four-bedroom units, measuring from 711 sf to 2,339 sf. Monthly rents run from $750 to $2,340.

Richards arranged a five-year, interest-only loan through Column Financial’s Dallas office. Richards says the sub-6% loan was short-term for flexibility.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.