AUSTIN, TEXAS (August 5, 2022) – Zion Capital recently completed the acquisition of five multifamily properties located throughout Austin. Chase Johnson, senior vice president of Northmarq’s Austin debt/equity office collaborated with Brian Fisher, senior vice president of Northmarq’s Denver debt/equity office, to structure the bridge loans for Zion which totaled $43.757 million. The five properties include: Mueller Place I & II, Villas at Mueller, and Hyde Park Portfolio – Spanish Trails and Miller Square.
“Zion Capital is one of the most energetic and focused group of operators I have had the opportunity to work with. They continue to innovate and drive value to their projects and I look forward to the start of a very long and prosperous partnership,” said Johnson.
Mueller Place Apartments: Mueller Place I (built in 1969) is located at 5800 Wellington Drive, Austin, Texas and contains 86 units. Mueller Place II (built in 1971) is located at 6301 Berkman Drive, Austin, Texas and contains 24 units. The residential community is situated within the Windsor Park neighborhood of Austin, offering its tenants a plethora of shops, bars, restaurants, and more.
Villas at Mueller: The 124-unit multifamily community (built in 1973) is located at 6103 Manor Road, Austin, Texas. Easily accessible to State Routes 183 and 290, the Villas at Mueller offer its tenants endless opportunities for shopping, parks, recreational activities, and restaurants. Each pet friendly unit includes walk-in closets and high-speed internet access.
Hyde Park Portfolio: Spanish Trails Apartments is located at 4520 Bennett Avenue, Austin, Texas and contains 40 units. Miller Square Apartments is located at 918 East 40th Street, Austin, Texas and consists of 51 units. Hyde Park is conveniently located with easy access to I-35 and just minutes from downtown Austin. Historically situated in an up-and-coming area of the city, Hyde Park is easily walkable and bikeable to nearby attractions.
“Zion’s strong lender relationships, the reasonable leverage requests, the immense value-add potential of the assets, and the desirable locations enabled us to close all three loans at under market terms despite increasing uncertainty in the bridge loan and CLO market,” said Fisher.