Knightvest Capital has acquired Autumn Ranch on Swenson Farms, a 336-unit multifamily community in Pflugerville, Texas. Newmark represented the seller, MIG Real Estate. The previous owner financed the property with a $33.2 million Fannie Mae loan originated by CBRE, according to Yardi Matrix.
Completed in 2008, the community comprises 14 three-story buildings incorporating one- and two-bedroom floorplans that range from 920 to 1,226 square feet. Of the total, 133 units have been recently renovated. At the time of the sale, Autumn Ranch on Swenson Farms was 94 percent occupied.
Apartments feature air conditioning, 9-foot ceilings, in-unit washers and dryers and private balconies and patios. Common-area amenities include a swimming pool, 24-hour fitness center, laundry facilities, clubhouse and business center, along with 552 parking spaces.
Located at 413 Swenson Farms Blvd. on a 16.8-acre site, the property is close to Interstate 35 and roughly 18 miles north of Austin. Nearby large employers include Apple, Amazon and Dell.
Newmark’s Vice Chairman Patton Jones, along with Managing Director Andrew Dickson, arranged the transaction on behalf of the buyer. Last month, the duo assisted in the sale of a 612-unit property in San Antonio.
Austin weathering economic headwinds
Despite a national economic slowdown, Austin’s rental market continued to show strong fundamentals, albeit confronted with a downward trend in rent development and occupancy, a Yardi Matrix report shows. In January 2023, only two assets had traded for a total of $148 million, the same source shows, one of them being the 350-unit Dalton, also located in Pflugerville.
