Financing secured for Class A multifamily development in Austin

AUSTIN, Dec. 2, 2024 - JLL Capital Markets announced today that it has secured construction financing for Far West Apartments, a 321-unit, Class-A multifamily community in Austin, Texas.

JLL represented the borrower, Central Southwest Texas Development, in arranging the ten-year, floating-rate loan through Poppy Bank.

Far West Apartments, located at 3525 Far West Blvd., will be nestled in the affluent community of Northwest Hills, offering convenient access to major highways Loop-1 and SR-183. This prime location provides residents with the perfect blend of suburban tranquillity and urban connectivity, surrounded by family-oriented neighborhoods, parks and restaurants, with easy access to Downtown Austin and major employers.

Far West Apartments, a substantial 282,609 net-rentable square-foot development, will offer a diverse range of living spaces including studios, one-, two- and three-bedroom units, with an average unit size of 880 square feet. Residents will enjoy a host of community amenities, including a clubroom, fitness center, pet spa, conference room, and a resort-style swimming pool. The project is scheduled to commence full operations in April 2027.

JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Managing Director Doug Opalka, Senior Director CW Sheehan and Associate Samantha Jay.

"We're thrilled to have secured this construction financing for Far West Apartments, a premier multifamily development that will be the newest institutional-sized Class A community west of MoPac Expressway in over 20 years," said Sheehan. "The project's strategic location near top-rated public schools, combined with its role in providing an affordable alternative to homeownership in Austin's highly desirable Northwest Hills neighborhood, and positions the development for success in this high-demand submarket."

This is the second infill Class-A multi-family wrap project within 12-months in Austin for CSW. In light of this milestone, CFO and COO of CSW, Kevin Hunter, reflects on how the project is a testament to the strength of the market in this Austin trade area. "Our team was able to attract loan terms that were not readily available across all of Austin," said Hunter. "I believe this can be attributed to the location and pent-up demand."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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