The Canadians are coming.
Toronto’s Prism Multifamily Group said this month that it bought a large multifamily complex in East Austin, marking its first foray into the Texas capital, according to the Austin Business Journal. Prism bought Spectra Parks Apartments from Austin’s Endeavor Properties. Patton Jones from Newmark was the sales broker and Walker & Dunlop was the debt broker.
While the price wasn’t disclosed, Prism got a $57.83 million bridge loan for the deal from New York’s Asia Capital Real Estate Management, the ABJ reported. It’s a three-year loan with two one-year extension options.
Prism is among an expanding group of international companies investing in the Sun Belt multifamily market. Vancouver’s Intracorp has started or completed four such projects in the past year. Austin, where tech companies show few signs of slowing the pace of hiring, is one of the nation’s fastest-growing large metropolitan areas.
Developed by Endeavor as Citizen House Decker, the complex at 5301 Decker Lane opened in August. It has 324 units and was the Austin company’s first foray into worker housing, the ABJ said. It’s aimed at renters earning between 60 percent and 120 percent of the area median family income.
The complex has one-bedroom, one-bath and two-bedroom, two-bath units ranging from 650 to 1,250 square feet. Rents posted on its website range from $1,528 to $2,037 per month. Amenities include a nearby park with walking trails, EV charging stations, a dog park, a pool and a fitness center.
Prism posted on its Linkedin page that it plans to increase its local footprint. Prism owns similar properties across the Southwest, including Las Vegas, Palm Springs, Florida, Phoenix.
UPDATE: This story has been corrected to fix names of brokers in second paragraph.
[ABJ] — Cindy Widner