SWBC Real Estate Sells Falconhead Apartments
SAN ANTONIO/DALLAS (July 22, 2021) – SWBC Real Estate, LLC, announced that it recently sold its Austin-area complex, Falconhead Apartments. Kelly Witherspoon, Michael Gonzalez, and Justin Cole of Berkadia’s Multifamily Investment Sales Team (Austin office), handled the sale for SWBC Real Estate.
“Falconhead Apartments received a high amount of interest from potential buyers all across the U.S.,” said Marcus Walther, Vice President of SWBC Real Estate. “One of the main drivers for the high amount of interest is the property’s superior location on the west side of Austin and the high barriers to entry within the Lake Travis Master Planned Community. The property is located on Ranch Road 620 in west Austin. In addition to the property’s great visibility and views overlooking the Falconhead Golf Course, the area has consistently been growing with new retailers, restaurants, grocery stores, and entertainment venues.”
SWBC Real Estate purchased the 248-unit property in July 2019, as part of SWBC Real Estate’s value-add investment program. Originally built in 2003, SWBC Real Estate renovated areas of the property including updating the clubhouse and pool area, some of the other property’s amenities, and 40% of the rental units. Falconhead Apartments is comprised of one-bedroom, two-bedroom, and three-bedroom units. Tenants enjoy a contemporary Spanish-style-themed clubhouse with a resort-style pool and spa, outdoor gathering areas and grills, direct access and detached garages, a private entrance gate system, a dog park, and a recently renovated fitness center.
“The Bee Cave/Lakeway pocket has experienced tremendous growth in recent years due to the quality of life it provides with rolling hills and lake access, the top-rated Lake Travis ISD schools, and the highly coveted residential enclaves throughout,” said Kelly Witherspoon, Berkadia Managing Director. “Falconhead was highly desirable due to the aforementioned among many other factors. SWBC Real Estate capitalized on the value-add strategy they had envisioned, and we’re incredibly grateful for being able to represent them on such a special disposition.”
The property was sold to Domain Communities, a local Texas buyer for an undisclosed price.
About SWBC Real Estate
SWBC Real Estate, LLC (www.swbcrealestate.com) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.