Press Release: JPI Closes Sale of West Austin Luxury Properties
JPI Closes Sale of West Austin Luxury Properties
Two newly constructed, premier Class A multifamily communities in the Austin Hill Country
IRVING, Texas (August 29, 2016) – JPI, a leader in the development of Class A multi-family housing, today announced the sale of Cielo and Madrone, a two property 554-home community located in the heart of the beautiful Texas Hill Country. Cielo and Madrone offer unparalleled views of the Balcones Canyonlands Nature Preserve and are located only 15 miles west of downtown Austin.
“Cielo and Madrone offer residents the best of both worlds when it comes to urban living and an outdoor lifestyle,” said Matt Brendel, senior vide president and development partner at JPI. They’re situated in the heart of the beautiful Texas Hill Country, but only a short drive from downtown Austin.”
Cielo was developed and built by JPI in 2014 and sits on approximately 38 acres. The property’s resort-class amenities include a signature swimming pool with lounge area, a shaded grilling area, and an outdoor fireside lounge. The property also has an elegant clubhouse with cyber café, latte lounge, arcade and game room, and WiFi in all common areas as well as a state-of-the-art fitness center with a yoga studio and spin room.
Madrone, developed and built by JPI in 2015, sits on approximately 40 acres. The luxury property consists of one-, two-, and three-bedroom floor plans with modern kitchens including GE Energy Star stainless steel appliances, designer espresso cabinetry, granite countertops, brushed pewter pendant lighting, as well as wood-style blinds and plank flooring.
ARA, A Newmark Company (ARA Newmark) assisted in the sale of the properties to an affiliate of Starlight U.S. Multi-Family. Starlight currently owns and manages over Cdn$6.4 Billion of assets in North America including approximately 8,700 apartment units in the United States.
“Cielo and Madrone were sought after by institutions and private wealthy investors seeking luxury communities in an affluent area,” said Patton Jones, vice chairman of ARA Newmark. “The outstanding southwest Austin location, Lake Travis schools, and scenic hill country setting drove immense investor interest.”
Both properties boast sweeping views of the Balcones Canyonlands Preserve in the native Texas Hill Country and are situated near major employers in the area including 3M Electronic, American Campus REIT, AMD, Lakeway Regional Hospital, Solarwinds, Freescale and more. Additionally, the properties are located across the street from Lake Travis High School and less than 10 miles from Austin Community College’s Pinnacle Campus
Nearby shopping includes the Hill Country Galleria, Shops at the Galleria, and Barton Creek Mall as well as recreational attractions including Falconhead Golf Club, Barton Creek Preserve, Emma Long Metropolitan Park, Wild Basin Wilderness Park, Barton Creek Wilderness Park, Balcones Canyonlands Preserve, and Lake Travis.
JPI is a national developer, builder and investment manager of Class A multifamily assets in select US markets, headquartered in Texas, with offices in California, Arizona and New York. With a 30-year history of successful developments throughout major US markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low-density garden apartments, mid to high-density wrap and podium projects, student living housing projects and mixed-use high raise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. To learn more about JPI, please visit www.JPI.com.
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $13.7 billion in real estate transactions in 2015. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
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