Northmarq arranges sale and financing of 32-unit multifamily property in Austin, TX
AUSTIN, Texas (Oct. 23, 2023) — Northmarq’s Austin Multifamily Investment Sales team of Hayden Schnieders, Will Collier, Jordan Vaughn, Chase Gardner, Diane Sogal and Scott Lamontagne, arranged the sale of Cielo at Azulyk, a 32-unit value-add multifamily community. The property is situated on 2.56 acres and located at 8624-8625 Fireside Dr. in Central Austin. Northmarq represented the seller, Atlanta-based Zavala Capital Group. The buyer was California-based Mosch Capital. Noah Villicana and Cheryl Higley of Austin’s Debt + Equity team arranged the acquisition financing for the buyer.
“Congratulations to the buyer on their first acquisition in the Austin market, and to the seller on the successful exit of this asset. We are seeing new players enter the market every day, and this sale demonstrates that there is still a strong buyer demand for well-located real estate with upside potential,” said Schnieders. “Consistent, up-to-date market insight is paramount to the transaction process today. Our Northmarq Central Texas team is well-equipped to help buyers and sellers to navigate these market fluctuations.”
“As the rising interest rate environment has made deals unfold and exits harder to project, transactions like Cielo at Azulyk show that lenders are still active in strong markets like Central Texas,” said Villicana. “We were happy to provide competitive options given the tremendous growth Austin continues to see.”
The property consists of four two-story buildings near downtown Austin. Built between two phases of 1973 and 1986, the apartment community offers one- and two-bedroom units with on-site laundry. Residents enjoy the close proximity to the Domain and central location, with many shopping, recreation and employment options nearby. Situated in the North Central submarket, the property will continue to reap the benefits of the rapidly growing North Burnet corridor.
