SOLD
Langdon Street Capital Acquires 277-Unit Multifamily In Austin From Larry Peel Company
12101 North Lamar Boulevard
MultiFamily
Sold 1 year ago
Summary
Sale
TEXAS
MultiFamily
The recently closed property transaction in Austin involved the sale of a multifamily asset comprising 277 units located at 12101 North Lamar Boulevard. The property, known as Walnut Park, is situated between The Domain and Parmer Austin, offering an excellent location in the thriving North Austin area. The sale took place on November 18, 2021, with Langdon Street Capital as the buyer and Larry Peel Company as the seller.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Not disclosed
- Market: Austin
- Units: 277
Representing the buyer, Langdon Street Capital, were Matthew Steinberg and Adam Daneshgar from the same company. They were attracted to the opportunity presented by Walnut Park due to its favorable location and the potential for value-add enhancements. The buyer already had knowledge of the high-performing North Austin market and was keen to expand their portfolio with this acquisition. On the seller's side, Patton Jones and Andrew Dickson, affiliated with Newmark, represented Larry Peel Company in the transaction.
The buyer's representatives expressed their confidence in the Austin economy, having purchased 900 apartment units over the past two years. Langdon Street Capital remains optimistic about future growth and aims to further expand its portfolio in the coming months.
It is worth noting that Larry Peel Company is renowned for developing top-quality multifamily communities in prime locations, and Walnut Park exemplifies their commitment to excellence in construction and design.
Players
Details
SOLD
IMAGE: Matthew Steinberg, Adam Daneshgar, Patton Jones & Andrew Dickson
DATE: 11/18/2021
ADDRESS: 12101 North Lamar Boulevard
MARKET: Austin
ASSET TYPE: Multifamily ~ UNITS: 277
BUYER: Langdon Street Capital
SELLER: Larry Peel Company
BUYER'S REP: Matthew Steinberg & Adam Daneshgar - Langdon Street Capital
SELLER'S REP: Patton Jones & Andrew Dickson - Newmark (@Newmark)
NOTE FROM BROKER: “Larry Peel Company is known for building exceptional quality multifamily communities on fantastic sites,” said Jones. “Walnut Park–with its excellent location between The Domain and Parmer Austin, as well as the light value-add story–was a particularly attractive opportunity for both institutional and private buyers, alike. Langdon Street Capital was already familiar with this well-performing pocket of North Austin and was eager to add Walnut Park to their expanding Austin portfolio.”
"We have purchased 900 apartment units in two years and we continue to be extremely bullish on an already thriving Austin economy. We look forward to continuing to grow our portfolio in the months to come," added Steinberg.View on map
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Address12101 North Lamar Boulevard
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