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Velocis Makes 2nd Multifamily Acquisition

The company acquired a 240-unit community in Austin, Texas from Stratus Properties.

Velocis has completed the acquisition of The Saint Mary, a 240-unit Class A community in Austin, Texas. Stratus Properties sold the asset, which had an occupancy rate of 85 percent at the time of the deal.

Wildhorn Capital assisted the buyer in sourcing the purchase and will oversee management operations. Berkadia marketed the community on behalf of the seller. In June 2018, the developer financed the project with a $26 million loan from Texas Capital Bank, according to Yardi Matrix data.

Located on 14 acres at 7500 W. Slaughter Lane, the garden-style property encompasses 18 three-story buildings completed in 2019. The unit mix has one- and two-bedroom floorplans with sizes between 884 and 1,432 square feet. The amenity package includes a gym, a swimming pool, business center and open-air kitchen.

The current transaction marks Velocis’ second multifamily acquisition. Towards 2020’s end, the company acquired its first residential asset: the 201-unit Beverley community in Charlotte, N.C. Proffitt Dixon Partners sold the property for $53 million, Yardi Matrix data shows. Velocis received a $35.2 million acquisition loan from Prime Finance Partners for that purchase.

In December, Wildhorn Capital acquired Bradford Pointe, a 264-unit community in Austin, Texas. The company secured a $24.4 million Freddie Mac loan originated by CBRE.

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Velocis Purchases 240-Unit Multifamily Property in Southwest Austin, Texas

AUSTIN, Texas – (Jan. 13, 2021) – Velocis, a private equity real estate manager, has purchased The Saint Mary, a 240-unit Class A multifamily community in Southwest Austin.

Completed in 2019, The Saint Mary is located at 7500 W Slaughter Lane in Austin. The garden-style community features top-of-market unit features and community amenities, including a resort-style infinity edge pool, an outdoor kitchen and a state-of-the-art fitness center. The property is currently 85% leased.

“We’ve been looking to grow our portfolio in Austin for quite some time but were waiting for the right investment opportunity to arise,” said Jim Yoder, Velocis partner. “The Saint Mary has already experienced fantastic leasing momentum thanks to its Class A amenities, its location in one of the best housing markets in the area, and the fact that it is zoned to some of Austin’s highest rated public schools. We hope to build on that momentum through diligent management and marketing.”

Velocis will be working with Austin based Wildhorn Capital as their local operator for The Saint Mary. Wildhorn Capital also helped source the acquisition. The Saint Mary was built and sold by Austin-based Stratus Properties and marketed by Berkadia.

Velocis successfully closed on it first multifamily asset in Q4 2020 with the purchase of Beverley, a 201-unit, Class A apartment community in Charlotte, NC. The Saint Mary is Velocis’ second multifamily acquisition and further validates Velocis’ commitment to the multifamily space.

Dallas-based Velocis has been active in real estate since 2010, purchasing 34 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.

About Velocis

Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.  

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. 

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