ZOM Living and CP Capital delivered Azola Avery Centre, a 359-unit, garden-style community in Round Rock, Texas. The joint venture partners broke ground in January 2023. Commercial Edge reports Truist Bank arranged a $57.7 million construction loan. JHP served as architect and Rampart as general contractor.
Located at 3801 N. AW., the property offers a variety of layouts, including studios, one-bedroom, two-bedroom and three-bedroom units, ranging from 573- 1,564 square feet in size and rental rates fluctuating from $1,200 to $2,600.
Azola Avery Centre is part of The Avery Centre, a 1,200-acre, master-planned community just outside Austin in Round Rock, Texas.
Community amenities include a resort-style pool, outdoor pavilion with BBQ grills and TVs, pocket parks, and a fenced dog park. Indoors, residents enjoy a state-of-the-art fitness center, private co-working offices with a conference room, a pet salon, and a grab-and-go marketplace.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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