Brand new age-restricted community trades in Austin, Texas
JLL Capital Markets brokers the sale of a newly built Class A active adult apartment community in Austin’s Circle C Ranch
AUSTIN, TEXAS – April 13, 2022 – JLL Capital Markets announced today that it has closed the sale of ArborView, a 151-unit, age-restricted (62+) active adult apartment community in Austin, Texas.
JLL represented the seller, Cadence Multi-Family, in the sale of the property to Sparrow Partners. The buyers assumed the existing HUD financing on the project.
Opened in 2021, ArborView is located in Greyrock Ridge within the Circle C Ranch master-planned community in southwest Austin. Development of Circle C Ranch began in 1982 and today the community includes over 6,400 homes. Neighborhood amenities include an 18-hole golf course, tennis club, four swim center and more than 500 acres of dedicated park land. Circle C Ranch is served by the Escarpment Village shopping center, which includes a variety of upscale restaurants, shops and an HEB grocery store.
ArborView offers a variety of amenities including a demonstration kitchen, fully equipped fitness center and class studio, hair salon, indoor and outdoor lounge areas, putting greens and a resort-style swimming pool. Apartments feature granite countertops, fully equipped kitchens, subway tile backsplashes, wood-style plank and ceramic tile flooring and plush wall-to-wall carpeting.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Charles Bissell.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Cadence Multi-Family
Cadence Multi-Family is an experienced developer of multi-family and other project types based in Austin, Texas. Partners Bob Ruggio and Curtis Davidson are active developers in the Austin area and other major Texas markets. Cadence currently has over 1,500 multi-housing units and 3,000 single family lots under development.
About Sparrow Partners
Sparrow Partners offers a full range of services, including development, construction and management of active adult apartment homes. Founded in 2017, Sparrow Partners is at the forefront of active adult apartment segment, one of the fastest-growing housing segments in the nation with properties spanning Texas, Oklahoma, Nevada and Arizona. Their communities are designed to meet the needs of today’s seniors and help them live happier, healthier and more connected lives.