An Affiliate of Walton Street Capital, L.L.C. Originates $61.4 Million Loan to Old Three Hundred Capital and ArrowMark Partners for the Acquisition of Muir Lake Apartments, a 332-Unit Multifamily Community Near Austin
CHICAGO--(BUSINESS WIRE)--Jun 7, 2021--
An affiliate of Walton Street Capital, L.L.C. (“Walton Street”) announced that it originated a $61.4 million loan to Old Three Hundred Capital and ArrowMark Partners (each a “sponsor”) for the acquisition of Muir Lake Apartments, a 332-unit garden-style multifamily community located at 12600 Avery Ranch Blvd in Cedar Park, TX, a submarket located northwest of Austin.
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Muir Lake Apartments, a 332-unit garden-style multifamily community located in Cedar Park, TX, a submarket located northwest of Austin. (Photo: Business Wire)
Built in 2014 by local developer Larry Peel, the property is currently 96% leased. The waterfront asset features Spanish Coastal architecture and high-quality finishes. Amenities include boat and canoe lake access, swimming pool and sundeck, poolside grills and fireplace lounge, clubhouse, billiard room, indoor steam room, sauna and jacuzzi, fitness center, yoga room, dog park, hike and bike trail, and water sports storage room. After the sponsors’ interior renovation, the product should be positioned to compete with newer products in the market given the quality of construction.
Muir Lake is in proximity to employers and high-demand retail making it a prime location in northwest Austin. Austin continues to be a national leader in job and population growth which should continue to drive demand for multifamily housing.
In 2021, Walton Street affiliates have closed or are in process of closing loans on multifamily projects totaling approximately 3,450 units across multiple high-growth markets.
About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate fund manager that, since its inception in 1994 through its affiliates, has raised approximately $14 billion of capital commitments from a broad cross-section of sophisticated institutional investors. Walton Street’s principals have collectively acquired, financed, managed, and sold over $50 billion of real estate and have an average of 21 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has sourced over $10 billion in lending opportunities for its affiliates since inception.
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CONTACT: Walton Street Capital, L.L.C.
KEYWORD: ILLINOIS TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INTERIOR DESIGN PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT
SOURCE: Walton Street Capital, L.L.C.
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PUB: 06/07/2021 02:21 PM/DISC: 06/07/2021 02:22 PM