AUSTIN – (Realty News Report) – Houston-based multifamily developer Dinerstein Cos. has sold the 529-unit Infinity Residences at The Triangle in Austin.
The buyer, Castle Lanterra Properties of New York, acquired the community for $129 million, according to Real Estate Alert.
JLL Capital Markets represented Dinerstein in the transaction for the apartment complex located at 4600 West Guadalupe.
Dinerstein originally acquired the property in 2017. The apartment community sits above approximately 110,000 square feet of ground-level restaurants and retail space; that street-level retail is owned separately and was not included in this sale.
Recent interior upgrades at the community, commonly referred to as “The Triangle,” include stainless steel appliances, Nest thermostats and other smart-home features. The Triangle is positioned on 23.2 acres and comprises six residential buildings totaling 553,648 square feet. The property offers studio, one-, two- and three-bedroom apartments with an average unit size of 1,043 square feet.
Elie Rieder, Founder and CEO of Castle Lanterra Properties, said the firm expects to continue active, hands-on management and make additional investments in the property. Rieder noted that The Triangle benefits from proximity to several major job centers and institutions, including the University of Texas, Dell Medical School, the U.S. Army Futures Command, and the Texas Health and Human Services Commission’s new headquarters — which is expected to employ about 2,500 people — along with numerous large technology employers in the region.
Founded by Elie Rieder in 2009, Castle Lanterra Properties currently owns and manages more than 7,100 apartment units across 24 properties throughout the United States.
JLL’s Capital Markets team that represented the seller was led by Senior Managing Director Sean Sorrell and Director Ryan McBride. Managing Director Robert Wooten led the debt coordination for the deal.
JLL also assisted Castle Lanterra Properties in securing a 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 Optigo lender.
July 20, 2020 Realty News Report Copyright 2020
File: Dinerstein Sells Austin Project. Dinerstein Sells Austin Project for $129 million.
