Business Digest: Austin apartment complex sold to Houston company

Jan 7, 2015
Austin American Statesman

Houston-based Tradewind Properties has purchased the Reserve at Walnut Creek apartment community, with plans to upgrade the 284 units in the North Austin complex. The price was not disclosed

Built in 2002, the Reserve at Walnut Creek was 94 percent occupied when it sold. Pat Jones with ARA, an Atlanta-based investment advisory brokerage, represented the seller, a Delaware statutory trust with multiple tenants-in-common. Premium Property USA Inc., based in Switzerland, provided the equity in the deal

Jones said the complex attracted interest from investors and private funds that were drawn to its location near major retail, entertainment and employers, including IBM, Oracle, Google, Apple Inc. and National Instruments. The complex is in the Walnut Creek Business Park, a 700-acre mixed-use business center situated in an area with an employment base of about 160,800 jobs within five miles

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