Southwest Regional Office
“New York Life is pleased to finance Edgewater, building on an existing lending relationship with Lantower Residential, a subsidiary of H&R REIT, which specializes in the acquisition, ownership, and asset management of multifamily communities in the U.S. Edgewater is an attractive and well located recently completed Class A suburban apartment complex that competes solidly within its competitive set. Still in its initial lease-up, the leasing velocity has been very strong. The property offers first rate amenities and, with its smaller average unit sizes, is positioned to attract young professionals working predominately in north Austin”.
—Scott Portnoy, Senior Director
- Still in its initial lease-up, the transaction was structured with credit supports as additional collateral to mitigate the additional risk
- The property is one of three newly constructed Lantower assets in the immediate area, all of which have leased up at a rapid pace
- The submarket continues to perform exceptionally well with a low vacancy rate and strong effective rental rate growth
- There are extensive nearby demand drivers from both an employment and entertainment perspective
Source: REI Southwest Regional Office, January 2019.