Austin: Boston buyer runs to Burnet Flats

AUSTIN – Strong job and population growth keep Austin in the top five multifamily investment markets without any sign of a slowdown.

As a case in point, U.S. Real Estate Investment Fund LLC (US REIF), a subsidiary of Boston-based Intercontinental Real Estate, acquired a year-old, 179-unit community in central Austin.

Completed last year and located at 5453 Burnet Rd., Burnet Flats offers one- and two-bedroom apartments that range from 600 sf to 1,141 sf.

Terms were not disclosed, but the buyer obtained a $20.4 million, ten-year fixed-rate Freddie Mac loan originated by Capital One. The property also includes 2,853 sf of retail space.