AUSTIN – (Realty News Report) – Dinerstein Cos., a Houston multifamily firm, has sold the 529-unit Infinity Residences at The Triangle in Austin.
Castle Lanterra Properties of New York acquired the project for $129 million, reports Real Estate Alert.
JLL Capital Markets represented Dinerstein in the sale of the apartments, 4600 West Guadalupe.
In 2017, Dinerstein acquired the apartments which were built above 110,000-SF of ground-level restaurants and retail.
The street-level retail space is owned separately and not part of this sale.
Recent unit upgrades to the apartment community, also referred to as “The Triangle”, include stainless steel appliances, Nest thermostats and other smart technology. The Triangle, which is positioned on 23.2 acres, consists of six buildings totaling 553,648 SF offering studio, one-, two- and three-bedroom units averaging 1,043 SF.
Said Elie Rieder, Founder and CEO of Castle Lanterra Properties: “In addition to our hands-on management and continued investment in the property, Triangle is well positioned to benefit from the numerous job producing sectors surrounding the property including, the University of Texas, Dell Medical School, the U.S. Army Futures Command, Texas Health and Human Services Commission’s new headquarters (expected to employ 2,500 people), as well as the biggest names in the technology industry.”
Castle Lanterra Properties, founded by Elie Rieder in 2009, currently owns and manages over 7,100 units across 24 properties throughout the United States.
JLL’s Capital Markets team representing the seller was led by Senior Managing Director Sean Sorrell and Director Ryan McBride. Managing Director Robert Wooten led debt coordination of the deal.
JLL also worked on behalf of Castle Lanterra Properties to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigolender.
July 20, 2020 Realty News Report Copyright 2020
File: Dinerstein Sells Austin Project. (2) Dinerstein Sells Austin Project for $129 million.