JLL Capital Markets arranged $27.1 million in acquisition financing for the purchase of Cannon Oaks Apartments, a multi-housing property in Austin. JLL worked on behalf of the borrower, Old Three Hundred Capital, to secure the loan through Prime Finance. ArrowMark Partners was also engaged as a capital partner.
Built in 2001, Cannon Oaks Apartments is a 12-building, multi-housing complex with 230 residential units positioned on about 18 acres. The property contains two-, three- and four-bedroom apartments with an average of 1,000 square feet. All units offer washer/dryer connections and covered, outdoor patios or balconies. The complex features a recently renovated resident clubhouse, pool, new fitness center and ample parking. Much of the property recently underwent significant renovations, bringing updated amenities and finishes. Old Three Hundred is utilizing its in-house vertical of affiliate companies to operate and manage the property.
Located on William Cannon Drive, a major east-west thoroughfare in South Austin, the property offers convenient access to the city’s best dining, shopping and cultural institutions. It is in close proximity to I-35, Loop 1, downtown Austin, McKinney Falls State Park and Austin Bergstrom International Airport.
The JLL Capital Markets team representing the borrower was led by senior directors Marko Kazanjian and Chris McColpin, managing director Rob Hinckley, associate Jackson Finch and analyst Andrew Cohen. Old Three Hundred Capital Partners William Gottfried, Paolo Boero and Nicholas Yarnall represented the company in-house. The ArrowMark team is led by Rob Brown and Nathan Rillstone.
“Cannon Oaks Apartments, with newly refreshed amenities, unbeatable greenbelt views and a highly convenient location made for an extremely attractive investment,” said Gottfried. “As the city and region continue to grow, the property is positioned to perform well, and provides a naturally affordable alternative to like-kind assets in the submarket. Marko, Chris and the JLL team worked extremely hard to help facilitate this transaction, and we are excited to work with Prime and ArrowMark on the first of what we believe will be many deals together.”