JLL Capital Markets has closed the sale of ArborView, a 151-unit, age-restricted (62+) active adult apartment community in Austin, Texas.
JLL represented the seller, Cadence Multi-Family, in the sale of the property to Sparrow Partners. The buyers assumed the existing HUD financing on the project.
Opened in 2021, ArborView is located in Greyrock Ridge within the Circle C Ranch master-planned community in southwest Austin. Development of Circle C Ranch began in 1982 and today the community includes over 6,400 homes. Neighborhood amenities include an 18-hole golf course, tennis club, four swim center and more than 500 acres of dedicated park land. Circle C Ranch is served by the Escarpment Village shopping center, which includes a variety of upscale restaurants, shops and an HEB grocery store.
ArborView offers a variety of amenities including a demonstration kitchen, fully equipped fitness center and class studio, hair salon, indoor and outdoor lounge areas, putting greens and a resort-style swimming pool. Apartments feature granite countertops, fully equipped kitchens, subway tile backsplashes, wood-style plank and ceramic tile flooring and plush wall-to-wall carpeting.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Charles Bissell.