Security Properties acquires multifamily property Brightleaf at Lakeline

Security Properties, a real estate investment firm, has acquired Brightleaf at Lakeline, a multifamily property in Austin, Texas, in an off-market deal, to increase its footprint in the Austin market.

With this acquisition, Security Properties owns 112 assets tallying around 23,000 units across its portfolio, including one other 204-unit in Austin.

Completed in 2022 on 12.3 acres, Brightleaf at Lakeline includes 304 dwelling units across three midrise buildings and five carriage-style buildings.

The Class-A multifamily property offers one and two-bedroom floor plans averaging 880 square feet.

The property features a business lounge and conference center, clubhouse/leasing center, yoga studio, a round-the-clock fitness center, resort-style pool and sundeck, game room, barbeque areas, spa, and pet park.

Security Properties acquires multifamily property Brightleaf at Lakeline multifamily property in Austin. Photo courtesy of Security Properties.

Situated 17 miles north of downtown Austin, Brightleaf at Lakeline is within the Cedar Park submarket, which is supported by the regional Lakeline shopping district.

Retailers such as Parkline Shopping Center, Lakeline Market, Lakeline Mall, and Lakeline Plaza have a presence within a 1.5-mile radius of the multifamily property in Austin.

Brightleaf at Lakeline also offers easy access to employers, including Apple, Amazon, State Farm, Visa, and eBay/PayPal.

Davis Vaughn — Security Properties Managing Director said: “The acquisition of Brightleaf at Lakeline helps cement our footprint in the Austin market as we continue our expansion there.

“Cedar Park’s population has been booming in recent years and will likely continue to grow as residents flock to the suburbs in search of space, affordability, and proximity to some of Austin’s largest employers.”

According to Security Properties, interiors include granite countertops, designer backsplashes, GE stainless steel appliances, kitchen pantries, faux-wood flooring in living and wet areas, carpet in bedrooms, spacious closets, full-sized washer and dryers, and high ceilings (9-10 feet).

Security Properties’ affiliate Security Properties Residential will manage the Brightleaf at Lakeline property.