The transaction involved a $27.9 million Fannie Mae loan.
Avia Equities, a recently formed investment firm, has sold The Wayman, a 284-unit multifamily community in Austin, Texas, formerly known as Ridgecrest. The buyer was Pegasus Real Estate, which financed the purchase with a $27.9 million Fannie Mae loan from Berkadia, according to Yardi Matrix data.
Completed in 1995, the garden-style property comprises 15 buildings with one- and two-bedroom floorplans ranging from 707 to 1,065 square feet. Interiors feature in-unit washers and dryers and vaulted ceilings, as well as fireplaces in select units. Common-area amenities include a swimming pool, a fitness center, a clubhouse and outdoor grilling stations.
The previous ownership has invested more than $3.5 million in capital improvements at the property over the past two years, constructing a new clubhouse and replacing roofs and windows. More than half of the units have also been renovated earlier, in 2015 and 2016.
Located at 3101 Wells Branch Parkway, The Wayman is close to Interstate 35 and roughly 15 miles from downtown Austin. There are some retail and dining options in the community’s immediate vicinity as well as the Wells Branch Medical Center. The Apple Campus is some 4 miles away.
A recent Yardi Matrix report shows that investment volume in Austin totaled $148 million in January, with a price per unit 12.6 percent higher than in December.