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large multifamily property near the Austin-Bergstrom International Airport has secured a significant refinancing deal. Goldman Sachs Alternatives has committed $55.5 million to refinance Urban East, a 381-unit apartment community at 6400 East Riverside Drive in East Austin. The funding amounts to $144,000 per unit.

    The development team, comprising Battery Global Advisors, the Housing Authority of the City of Austin, River City Capital Partners and LDG Development, partnered with JLL to arrange the financing. Urban East, delivered last year, features 191 units priced for tenants earning 80% of the area median income. The complex includes studio, one-, two-, and three-bedroom units ranging from 600 to 1,450 square feet, with private balconies and stainless steel appliances.

    Amenities at the 7.3-acre property include a game room, two swimming pools, a fitness center, a rooftop lounge, and a dog park. Initially, plans included office and retail components, but they were revised during the pandemic to focus on residential needs.

    The Austin multifamily market is experiencing a decline in rents due to an oversupply of apartment units. Southeast Austin saw a 12.8% decrease in rents over the past year, with experts predicting that the trend will continue, offering renters more negotiating power. Despite this, new multifamily projects are still underway, such as OHT Partners' 360-unit development in East Austin.