AUSTIN - Starlight U.S. Multi-Family (No. 3) Core Fund (The Fund) indirectly acquired a 100 percent interest in The Allure, a property located northwest of downtown at 701 North Vista Ridge Blvd.
In connection with the acquisition, the Fund assumed existing financing on the property in the amount of $36.5 million. maturing in July 2017, with two, one-year extension options at an interest rate of 3.51 percent and subsequently repaid approximately $3 million.
The property is comprised of 334 units in 22 three-story apartment buildings and townhouses on a 20-acre site. The complex offers one- to three-bedroom floor plans.
The property also offers a dual-level pool including an upper deck infinity pool with outdoor fireplace and barbeque/kitchen area, as well as a lower deck pool featuring an in-pool tanning shelf.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.