Bluerock covers Austin's Fox Hill for $38MBluerock covers Austin's Fox Hill for $38Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=13482015-04-02T11:54:00Z2015-04-02T09:00:00Z

AUSTIN - The 288-unit Fox Hill Apartments at 8800 Hwy. 290 has been sold for $38.2 million.

Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts, averaging 1,066 sf.

The community sits on 44 acres and features amenities including a resort style pool, fitness center, children's playground, sand volleyball court, communal vegetable and herb garden, hiking, biking and walking trails, a dog-park, an outdoor BBQ/fire pit, and business and media centers.

Bluerock Residential Growth REIT acquired Fox Hill, and believes it can achieve a stabilized cap rate of 6.25 percent by bringing existing rents, which it estimates to be 15 percent below market.

The acquisition was further capitalized with a senior mortgage loan from Walker & Dunlop in the amount of $26.7 million. The loan has a term of seven years, will bear interest at a fixed rate of 3.6 percent, and will be interest-only for the first 48 months.

Fox Hill is the third multifamily investment in the Austin market by the Company's sponsor, Bluerock Real Estate, since 2010. Other investments included Bluerock's Archstone Tech Ridge and the Meadows Apartments.

Austin-Round Rock
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