Old Three Hundred Capital lands $27.1M loan for Austin apartment acquisition
JLL Capital Markets secures loan for 229,997-square-foot, 230-unit apartment complex
AUSTIN, TX., October 16, 2020 — JLL Capital Markets announced today it has arranged $27.1 million in acquisition financing for the purchase of Cannon Oaks Apartments, a multi-housing property in Austin, Texas.
JLL worked on behalf of the borrower, Old Three Hundred Capital, to secure the loan through Prime Finance. ArrowMark Partners was also engaged as a capital partner.
Built in 2001, Cannon Oaks Apartments is a 12-building, multi-housing complex with 230 residential units positioned on about 18 acres. The property contains two-, three and four-bedroom apartments with an average of 1,000 square feet. All units offer washer/dryer connections and covered, outdoor patios or balconies. The complex features a recently renovated resident clubhouse, pool, new fitness center and ample parking. Much of the property recently underwent significant renovations, bringing updated amenities and finishes. Old Three Hundred is utilizing its in-house vertical of affiliate companies to operate and manage the property.
Located on William Cannon Drive, a major east-west thoroughfare in South Austin, the property offers convenient access to the city’s best dining, shopping and cultural institutions. It is in close proximity to I-35, Loop 1, downtown Austin, McKinney Falls State Park and Austin Bergstrom International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Directors Marko Kazanjian and Chris McColpin, Managing Director Rob Hinckley, Associate Jackson Finch and Analyst Andrew Cohen.
Old Three Hundred Capital Partners William Gottfried, Paolo Boero and Nicholas Yarnall represented the company in-house. The ArrowMark team is led by Rob Brown and Nathan Rillstone.
“Cannon Oaks Apartments, with newly refreshed amenities, unbeatable greenbelt views and a highly convenient location made for an extremely attractive investment,” said Gottfried. “As the city and region continue to grow, the property is positioned to perform well, and provides a naturally affordable alternative to like-kind assets in the submarket. Marko, Chris and the JLL team worked extremely hard to help facilitate this transaction, and we are excited to work with Prime and ArrowMark on the first of what we believe will be many deals together."
“Cannon Oaks offers a dynamic work-live-play environment that has become increasingly more important for renters,” added Yarnall. “The unit makeup, including a majority of three- and four-bedroom units, outdoor space, close proximity to some of Austin's best greenspaces, excellent communal amenities and flexible commuting choices make this an ideal rental option in the Austin area for both young professionals and families looking for more space, but at a better price point than single family options in the area.”
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 sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.