May 7, 2020
Virginia-based 37th Parallel Properties Investment Group acquired a three-property garden-style multifamily portfolio in Austin and San Antonio on behalf of its investors and family office partner. The acquisition marks the firm’s re-entry into the Austin market, and its sixth deal in San Antonio.
The properties include:
• Bridgehead Apartments, 128 units, Austin
• Melrose Place Apartments, 132 units, Austin
• Tradewinds Apartments, 84 units, San Antonio
“Owned and operated by a local family for over two decades, these assets have benefited from superb long-term ownership,” said 37th Parallel’s Dan Chamberlain. “Having purchased a previous deal from the same family, we were thrilled when they approached us with the opportunity to work together again.”
The acquisition was funded with new investor equity and will benefit from long-term, capped, floating-rate agency debt financing, arranged by Cutt Ableson and Colin Marusak at Berkadia’s Houston office. CBRE’s Charles Cirar, Michael Wardlaw and Colin Cannata represented the seller.
Pictured: Bridgehead Apartments.
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