Deal Close
August 24, 2026
Type
Multifamily, 36 units
Grant Mobley
Texas Multifamily Team
Executive Summary
The sellers bought this North-Central Austin property near the top of the market in 2021-2022 on a bridge-financed value-add plan, and rents in the submarket have since dropped roughly $300 a unit amid heavy new supply.
Against a $4.1 million full-recourse loan balance, the property sold for $2,589,000 — a shortfall the sellers hadn’t yet disclosed to their regional bank lender when Greysteel took the assignment.
The Challenge
Declining rents, rising expenses from a lower-credit tenant base, deferred maintenance, and a loan balance nearly $1.5 million above achievable sale value combined to make this one of the more difficult pricing exercises the team had run. The sellers needed a buyer and a number the bank could accept before the shortfall became a bigger problem.
The Solution
Greysteel ran a full marketing process anchored to what the numbers actually supported — rents down roughly $300 a unit against rising expenses — rather than the seller’s basis, and positioned the resulting price around the asset’s attractive entry point for a buyer able to execute with certainty.
Results
- Navigated a substantial loan shortfall conversation with the seller’s regional bank lender
- Closed on an accelerated timeline once the buyer secured a line of credit, despite retrade discussions along
the way
“Greysteel positioned the asset around its attractive basis and secured a buyer with strong execution certainty. The team navigated the seller’s substantial loan shortfall, limited ability to fund repairs, retrade discussions, and financing delays before the buyer secured a line of credit and closed on an accelerated timeline.” — Grant Mobley, Greysteel Lead Deal Contact, TX Austin Multifamily Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
