Berkadia Seals the Deal in Silicon Hills
Published on: Monday, December 14th, 2015
Berkadia negotiated the sale of a multifamily property in Austin, Texas.
Berkadia recently closed the sale of Villas del Sol Apartments, a 294-unit residential community. Forrest Bass and George Deuillet, both senior directors in Berkadia’s Austin office, completed the transaction on Nov. 16.
ACA Villa del Sol LLC of Austin was the buyer, and San Diego-based LLJ Quez Rutland Place LLC was the seller. Terms are undisclosed.
Villas del Sol Apartments is accessible from U.S. Highway 183 and Interstate Route 35 and within three miles of major retail centers such as The Arboretum and The Domain. Among the area’s major employers are Texas Medicaid Healthcare, St. David’s North Austin Medical Center, National Instrument Corp. and Pfizer Inc.
“There is tremendous rental demand in the North Austin area right now, and the buyer was attracted to this property‘s track record of strong performance as well as its upside potential,” Bass said in a statement. “Villas del Sol has experienced significant rent growth over the last couple of years, and the buyer will be able to capitalize on this momentum as it continues to upgrade units and lease them at market rates.”
The community is located at 1647 and 1711 Rutland Drive and was built in two phases during 1978 and 1982. Its almost 300 apartments consist of studio, one-, and two-bedroom floor plans and is 96 percent occupied. Unit amenities include fully equipped kitchens, walk-in pantries, faux-wood vinyl flooring, built-in desks, and bookshelves, ceiling fans, walk-in closets, linen closets, and patios or balconies. Select units also have fireplaces and vaulted ceilings. Community amenities include a swimming pool, clubhouse, fitness center, business center, playground, picnic areas with barbecue grills, two laundry facilities and a dog park.