AUSTIN, TX – Security Properties bought Brightleaf at Lakeline, a Class-A multifamily property located in Austin, TX in an off-market transaction. Security Properties now owns 112 assets totaling approximately 23,000 units across its portfolio, including one other 204-unit, market-rate property in Austin as they continue to grow in Texas.
Brightleaf at Lakeline was completed in 2022 and consists of 304 dwelling units spread across 3 midrise buildings and 5 carriage-style buildings on 12.3 acres. The Property features one and two-bedroom floor plans averaging 880 square feet. Unit interiors consist of granite countertops, designer backsplashes, GE stainless steel appliances, kitchen pantries, faux-wood flooring in living and wet areas, carpet in bedrooms, full-sized washer and dryers, spacious closets, and high ceilings (9-10 feet). From an amenity perspective, the property offers a contemporary clubhouse/leasing center, 24-hour fitness center with on-demand virtual trainers, yoga studio, business lounge & conference center, game room, BBQ area with grills, resort-style pool and sundeck, pet park and spa, and controlled-access gates.
Brightleaf at Lakeline is located 17 miles north of downtown Austin within the highly desirable Cedar Park submarket. The submarket is anchored by the super-regional Lakeline shopping district which is bisected by two major interstates (US-183 and SH-45). Within a 1.5-mile radius of the Property there are nearly 5 million square feet of retail, including Lakeline Mall, Lakeline Market, Lakeline Plaza, and Parkline Shopping Center.
The pivotal location also provides immediate access to the area’s premier schools and some of Austin’s largest employers. The Northwest Austin submarket is home to the largest concentration of office space in the Austin MSA with over 16.5 million square feet of space. This corridor has been targeted by major technology companies in recent years due to the presence of talent and the ability to build expansive office campuses. The most notable recent example is Apple, which has an existing operations center and is currently constructing a new 3M SF campus just 5 miles south of the Subject. Other employers include State Farm’s regional service center, Amazon, eBay/PayPal, and Visa.
According to Davis Vaughn, Managing Director at Security Properties, “The acquisition of Brightleaf at Lakeline helps cement our footprint in the Austin market as we continue our expansion there. This is a high-quality asset at a significant discount to replacement cost in one of Austin’s most highly desired submarkets. Cedar Park’s population has been booming in recent years and will likely continue to grow as residents flock to the suburbs in search of space, affordability, and proximity to some of Austin’s largest employers.”

Powered by WPeMatico

MANCHESTER, CT – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of The Pavilions, a 932-unit, garden-style multifamily community in Manchester, Conn., a Hartford suburb. The property was bought through a joint venture partnership between HGI and Cammeby’s International Group. HGI and Cammeby’s will assume all loan obligations from the seller.
The Pavilions is located just outside of Hartford and is near several transportation options. The community sits along Manchester’s Buckland Hills Drive thoroughfare, connecting residents to Interstate-84 and Interstate-91 and providing convenient access to downtown Hartford and nearby employment centers. Notable companies in the area include Pratt and Whitney, a large manufacturing firm and defense company headquartered in East Hartford, as well as Prudential, Travelers Insurance, Aetna and Hartford Hospital.
“The Pavilions acquisition represents HGI’s ability to identify and transact on attractive investments at all cycles of the market,” said Richard Litton, President of HGI. “In an environment of increased interest rates, we are confident that the investment will benefit from the long-term financing with a below market rate.”
Built in two phases in 1990 and 1992, The Pavilions includes a mix of studio, one-, two- and three-bedroom units. The property features a strong amenity package, including two outdoor swimming pools, two fitness centers, a picnic and grilling area, multiple resident lounges, two tennis courts, two racquetball courts, a sand volleyball court and a dog park. HGI plans to implement a $21.2 million capital improvement program for unit renovations, common area and amenity upgrades and building exterior improvements.
Cammeby’s will assume management of the community. Cammeby’s, founded in 1967, owns and manages a large portfolio of real estate assets, primarily located in New York, New Jersey, Pennsylvania and Connecticut. Cammeby’s has partnered with HGI on several transactions, including HGI’s acquisition of a 5,302-unit portfolio of properties in New Jersey.

Powered by WPeMatico

BURLINGTON, WA – CEP Multifamily CEP) announced their acquisition of Cascade Meadows, a 97-unit apartment community in Burlington, WA. Cascade Meadows is the third acquisition for CEP’s Workforce Housing Fund, a core-plus multifamily investment fund launched in early 2022 by the vertically integrated Everett-based firm.
This acquisition grows CEP’s existing portfolio to 1,509 ;units. The acquisition price was $27.5 million, or $283,505 per unit, according to Josh Jansen, CEP Multifamily’s President and Managing Partner.
“Cascade Meadows is an ideal fit for our suburban, core-plus investment strategy and an brilliant addition to our Workforce Housing Fund,” said Jansen. Skagit and Whatcom Counties offer a high quality of life, relative affordability, strong local economic fundamentals with direct linkages to regional employment hubs, and a diverse labor pool to support long-term population and employment growth trends we believe will accelerate in the coming years.”

Powered by WPeMatico