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4600 W Guadalupe St.

Address 4600 W Guadalupe St, Austin, TX, USA
City/State: Austin, Texas - TX
Size: 529 Unit
Property type: Multifamily
Status: SOLD
Transaction Date: 09/30/2020
Buyer: Castle Lanterra Properties
Seller: Dinerstein Cos.
Price: $129,000,000
Price per unit /sqft: $243,856


Note:
Two years ago, Dinerstein had lined up $78 million of Freddie Mac financing for the apartment component. That loan doesn't mature until April 2025 and requires only interest payments until next March and pays a floating coupon that's pegged to Libor plus 194 basis points. Castle Lanterra has repaid the loan, which was subject to a 1 percent prepayment penalty. The apartment property last year was 97 percent occupied and generated $5.8 million of net operating income, according to servicer data compiled by Trepp LLC. That would give Castle Lanterra's purchase price a capitalization rate of 4.5 percent. Castle Lanterra plans to make upgrades to the six-building apartment complex, which was constructed in phases between 2006 and 2008.


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