Sale of northwest Austin multi-housing community closes
JLL Capital Markets arranged the sale of the 270-unit Caliza in Cedar Park, Texas
AUSTIN, Apr. 19, 2023 – JLL Capital Markets announced today that it has arranged the sale of Caliza, a 270-unit, Class A, garden-style apartment community in the northwest Austin suburb of Cedar Park, Texas.
JLL worked on behalf of the seller, Internacional Realty, and Virtus Real Estate Capital acquired the asset.
Built in 2020, Caliza features one-, two- and three-bedroom units with modern finishes, wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting, 14-foot ceilings, private yards and direct access garages. The property features a best-in-class amenity package, including a recently renovated resort-style swimming pool, expansive fitness center and group exercise room, outdoor pavilion with an exterior fireplace and a clubhouse with a catering kitchen.
Situated at 12638 Ridgeline Blvd., the property is within proximity to several highly regarded neighborhoods, such as Anderson Mill, Cypress Mill and Avery Ranch, and is surrounded by some of the city’s most prominent economic drivers, including Austin’s premier mixed-use hub, The Domain and Dell Technology’s campus. The community provides residents with access throughout the metroplex via Highway 183 and Highway 45 and is just six minutes from Westwood High School, one of Austin’s premier high schools known for top-rated academics. Additionally, Caliza is a short drive from Lake Travis, one of the top lakes in the state.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Ryan McBride and Robert Arzola.
“We are excited to add Caliza to our growing portfolio. This acquisition exemplifies Virtus’ investment strategy of finding well-located, institutional quality opportunities in markets with long-term secular growth tailwinds,” said Christopher Kott, Managing Director at Virtus.
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 and 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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About JLL
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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Internacional Realty
Founded in 1993, Internacional is a vertically integrated multifamily owner and third-party manager. With corporate offices in Austin and San Antonio, Internacional has owned and/or managed over 200 apartment communities, comprising over 56,000 apartment units, with locations in all the major Texas metros and other prime sunbelt locations.
About Virtus Real Estate Capital
Virtus Real Estate Capital is a vertically integrated hybrid allocator-operator real estate manager exclusively focused on built space investments in cycle-resilient sectors, including healthcare, education, storage, and middle-income workforce housing. Founded in 2003, Virtus has executed core, core-plus, value-add, and opportunistic strategies totaling approximately $5.6 billion in property investments on behalf of institutional investors, family offices, and financial institutions. Virtus is privately held and is headquartered in Austin, Texas. For more information, visit www.virtusre.com.