Flournoy Companies Lands Bridge Loan For Leander Apartments

Flournoy Companies secured fresh financing for the apartment complex it developed in the Austin suburb of Leander.

The Columbus, Georgia-based firm secured a $46.5 million refinancing deal for River Junction Apartments, at 116 Talon Grasp Trail in Leander, a suburb of Austin, according to a release from Walker & Dunlop, which arranged the financing. The debt works out to $141,000 per unit.

Walker & Dunlop’s Patrick Short and Clay Colvill put together the deal. Bridge Investment Group provided the floating rate, interest only bridge loan. The property was last valued for tax purposes at $68.4 million, according to appraisal district records.

The 329-unit complex features 17 townhomes, plus one-, two- and three-bedroom units. Amenities include a saltwater pool, gym and co-working space. As Austin’s multifamily market continues to absorb record inventory, River Junction is currently offering renters heavy concessions: half-off rent for six months and a $1,500 gift card.

Rent had just turned negative in Austin when Flournoy delivered River Junction in 2024. In the last six years, developers delivered over 100,000 new apartment units in Austin. Leander, nearby Pflugerville and East Austin got the most new supply.

The refinancing deal coincides with experts’ anticipation of a rebound for Austin area rental rates. While rents are still declining, they’re declining much less quickly than in the last few years, rental housing economist Jay Parsons wrote on LinkedIn. According to data from RealPage, rents for new leases were down 3.9 percent year over year in June, about half of the 7.5 percent decline recorded in March.

Laila Assanie, a senior business economist with the Federal Reserve Bank of Dallas, projects that Austin rent growth will turn positive in 2027, since the development pipeline has dried up.

Flournoy has developed more than 200 apartment properties, totaling over 48,000 units, in the Southeast and Mid-Atlantic.