Austin, Texas — Berkadia has negotiated the sale of Lonestar Lofts, a student housing property located in Austin.
Forrest Bass of Berkadia’s Austin office completed the sale on Sept. 28. The buyer was a private investor from New York, and the seller was a local, private investor partnership.
Lonestar Lofts was built in 1971 and offers studio, one-, two-, three- and four-bedroom floor plans. Unit amenities include stained concrete floors, black appliances, washers and dryers and a loft-style layout. Community amenities include a swimming pool with a pergola lounge area, barbeque grill and parking garage.
The 50-unit student housing property is 100 percent occupied. Lonestar Lofts is located in the west campus submarket, one mile from the University of Texas and two miles from downtown Austin.