Updated Dec 4, 2024
Sherman Residential Acquires Water Oak Luxury Multifamily In Austin From JCI Residential
12234 Heatherley Drive
Units
292
Asset Type
MultiFamily
Closing
Dec 13, 2023
About this deal
AI
Chicago-based Sherman Residential has acquired Water Oak, a 292-unit luxury multifamily property located at 12234 Heatherley Drive in Austin, Texas. The transaction took place on December 13, 2023. Water Oak is strategically located near downtown Austin along the I-35 corridor, offering a "luxury on a budget" experience. The property is in close proximity to major employment and entertainment destinations, making it an attractive investment for Sherman Residential.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Not Specified
- Units: 292
- Address: 12234 Heatherley Drive, Austin, Texas
- Market: Austin
In this deal, Sherman Residential was represented by David Sherman from their own agency. JCI Residential, the seller, was represented by Sam Kumar. The transaction was facilitated by brokers Andrew Dickson and Patton Jones from Newmark.
On the Map
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93