Austin Apartments Orbit and Starburst Transferred to Special Servicing, Keller Capital Invests Millions for Renovation

Two multifamily properties in Austin, Texas – Orbit Apartments and Starburst Apartments – were transferred to special servicing in June due to monetary default, with an outstanding balance of $110 million. Keller Capital invested $12.2 million to renovate the properties since purchasing them in 2019. The properties saw a 16% decrease in net cash flow in 2024, teetering on breakeven due to weak revenue and increased expenses. Austin has seen 23,000 units delivered in the past two years, leading to heavy concessions in the market, affecting older properties like Orbit and Starburst Apartments.

Read more at Yahoo Finance: Austin apartments go to special servicing