AUSTIN, Texas – October 22, 2020 – Berkadia today announced the sale of Cannon Oaks, a 230-unit garden-style multifamily property in Austin, Texas. Managing Director Kelly Witherspoon and Directors Michael Gonzalez and Justin Cole of Berkadia’s Austin, Texas office completed the sale on behalf of the seller, Arizona-based Sterling Real Estate Partners. The buyer was Austin-based Old Three Hundred Capital, and the deal closed on September 18.
“Cannon Oaks presented a unique value-add opportunity for the fully integrated company in one of the hottest markets across the country,” said Gonzalez. “Sterling Real Estate Partners laid the blueprint for interior repositioning that Old Three Hundred Capital will look to continue throughout the remainder of the units. While we continue to receive new inbound inquiries for capital looking to find a deal in Austin, ultimately the local group was able to mobilize quickly and saw the long-term value in Austin’s fundamentals and job growth even during the COVID pandemic.”
Located at 2302 E William Cannon Drive, Cannon Oaks features two-, three- and four-bedroom floor plans with large closets and patios or balconies. Community amenities include a swimming pool, a fitness center, a clubhouse, a playground and covered parking. Residents are afforded convenient access to Interstate 35 and the Williamson Creek East Greenbelt.