Miami real estate firm closes acquisition of 259-unit The Conley in fast-growing MSA
MIAMI, FL and LEANDER, TX (March 22, 2021) – Commercial real estate firm Constellation Group continued its aggressive push for top-tier multifamily assets in prime U.S. markets with the acquisition of The Conley Apartments near Austin, Texas. The Class A, 259-unit community was constructed in March 2020 in Leander, a city that is experiencing substantial population growth.
Constellation Group closed the purchase on March 17, 2021. The firm obtained acquisition financing from CrossHarbor Capital Partners. Financial terms were not disclosed.
Located at 665 N. Bagdad Road, The Conley’s garden-style apartments range in size from 521-square-foot studios to expansive 1,598-square-foot three-bedroom units. Apartment interiors feature stainless steel appliances, island kitchens with quartz countertops and private patios or yards. Community amenities include a resort-style pool with private cabanas and barbecue grills, a resident lounge with a market pantry and coffee bar, a dog park, 24-hour gym and yoga room.
Portico Property Management will oversee management and leasing at The Conley.
“This is an incredible opportunity to add an attractive new apartment community to our expanding multifamily portfolio,” Constellation Principal Eduardo Otaola said. “The consideration of strong market fundamentals in North Austin and quality of the newly built asset were core reasons for this acquisition.”
John Carr of Cushman & Wakefield marketed The Conley on behalf of the seller. Berkadia, led by Managing Director Scott Wadler and Senior Director Matthew Nihan, arranged the financing.
In May 2020, the U.S. Census Bureau announced that Leander was the fastest-growing large city in the nation between 2018 and 2019. Leander’s population has nearly tripled since 2010. It consistently ranks among the top school districts in Texas.
The Conley is located within two miles from the Leander Commuter Rail Station, offering an easy commute into downtown Austin. The property stands to benefit from two significant area developments: the $800 million mixed-use Northline Leander project and Town Square, which is anchored by food, beverage and entertainment venue The HUB and includes a signature civic space for public use.
“Leander is ideal for employees of Apple, Dell and the many other corporations with a large presence in Austin,” Otaola said. “Following growing submarkets near major employment cities, where renters trade a lower rent for a moderate commute, has proven to be a successful acquisition strategy for Constellation.”
About Constellation Group:
Constellation Group is a commercial real estate investment firm based in Miami offering a family office approach to real estate investments. Specializing in multifamily, office and retail, Constellation seeks to execute on yield and return driven investment strategies. The firm operates with the mission to consistently generate safe and superior returns, while offering unparalleled fiduciary standards that provide a strong foundation for long-lasting generational wealth to our investors.
