Trez Capital Pledges US $ 33.3 Million in Austin, TX Equity in Larkspur Apartments Project
Project marks first phase of a two-stage development
TORONTO, December 21, 2021 / CNW / – Trez Capital announces the close of a USD $ 33.3 million equity investment in partnership with Thompson Realty Capital, LLC for the development of a garden-style multi-family project in Austin, Texas. The project has a total development cost of USD $ 100 million– a key addition to the company’s development fund, the Trez Capital Private Real Estate Fund Trust (TPREF).
The Larkspur project is located in the Hill of Liberty and Leander extraterritorial jurisdiction (ETJ) on the north side of Leander, one from the north Austin’s fastest growing suburbs. This project is an example of Trez Capital’s joint venture partnership program which provides experienced developers with equity financing for value-added developments and core developments in key markets with high population growth, employment and GDP.
This project will be a two-phase development containing 504 garden-style apartments with a first-class rental office, amenity center and resort-style swimming pool. The project design will integrate the natural landscape of the Texas Hill Country, preserving mature holm oaks in place. Thompson Realty Capital will act as the property manager upon completion of the project. Trez Capital and Thompson Realty Capital delivered three multi-family projects totaling 843 units across Texas, with realized returns exceeding 20.0% per year for each project. In addition, Trez Capital and Thompson Realty Capital have three other multi-family projects currently under construction in Texas totaling 896 units. The Larkspur Project marks the seventh joint venture project with Trez Capital and Thompson Realty Capital.
“In areas such as Austin, Trez Capital targets investments in multi-family, single-family rental, industrial and storage asset classes. Alongside our development partners, we strive to provide capital appreciation to investors throughout the development process and sustainable income from long-term property ownership, ”said John D. Hutchinson, Global Head of Origination, Trez Capital. “The Larkspur Project is a great example of how field research and our investment thesis can deliver strong long-term returns. “
Capitalizing on the growth of its previous equity investments, Trez Capital launched its development fund, TPREF in August 2021. Among other things, the fund offers a long-term construction strategy aimed at developing treasury assets. Other development projects held as investments in TPREF include:
red oak, one US dollar $ 5.75 million equity commitment for 13 apartment buildings of 288 units in Red Oak, Texas.
Mirador, one US dollar $ 7.35 million equity commitment for the acquisition and development of approximately 1,400 acres of land in the Del Valle sub-market of Austin which will be developed into approximately 2,200 single-family lots, clusters containing approximately 1,000 paper lots and approximately 120 acres of multi-family / commercial land. The project will be developed in six phases.
High Point Ranch, one US dollar $ 6.97 million equity commitment for the development of a residential community made up of 1,824 single-family lots and 148 paper lots over six phases in Kaufman County, Texas.
Estrella Vista Homes, one USD $ 2.27 million equity commitment for the acquisition of 25 newly built single-family homes in Laveen (MSA Phoenix), Arizona.
Parkway Station, one US dollar $ 7.42 million equity commitment for the acquisition of 131 newly built townhouses in Cartersville, Georgia.
Six storage facilities across Texas with a dollar $ 18.5 million equity commitment.
The fund has several other investments which are scheduled to close at the end of december 2021 and early 2022. Management predicts that by the end of 2022, TPREF will have invested in a portfolio of developments comprising more than USD $ 1 billion in project value.
For more information on the financing of this investment and Trez Capital’s equity investment partnership program, please contact John hutchinson, Global Head of Origination, at 214.545.0952 or [email protected]
For more information on the Trez Capital Private Real Estate Fund Trust (TPREF), please contact Vikram rajagopalan, Executive Managing Director, Global Head of Capital Raising, at 647.788.1787 or [email protected]
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment company and a preeminent provider of commercial real estate debt financing solutions in Canada and United States. Trez Capital provides private and institutional investors with strategies to invest in a variety of opportunistic, fully secured, syndicated and joint venture mortgage investment funds, and provides real estate developers and owners with rapid approvals on flexible short and long term financing. middle term.
With offices across North America, Trez Corporate Group has more than 3.9 * billion dollars CAD in assets under management and has financed more than 1,600 transactions totaling more than $ 13.5 billion CAD since its inception. For more information visit www.trezcapital.com. (* The assets under management of the Trez group include the assets held by all entities linked to Trez as well as $ 2.7 billion Manager AUM (Trez Capital Fund Management Limited Partnership). the Dallas office funded more than $ 5.1 billion in loans. For more information visit www.trezcapital.com.
SOURCE Trez Capitale
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