Canadian family purchases upscale South Austin apartment complex

Dec 2, 2014
Austin Business Journal

One of the newest urban-styled apartment communities in Austin has sold to an undisclosed Canadian buyer

Tree, located at 3715 S. First St., opened in September and was 94 percent leased at the time of sale. Pat Jones, principal at ARA in Austin, represented the seller, a joint venture of Charleston, South Carolina-based Greystar and The Carlyle Group

Jones said he was not authorized to disclose the buyer's name, but said it was a private family. The sales price of the 335-unit residential and 5,000-square-foot retail space also was not disclosed

Travis Central Appraisal District values the Tree property at $44 million

Multifamily sales continue to be strong in the Austin area. A Denver-based investor said Monday it had purchased The Orchard, a 512-unit apartment complex in Round Rock for $55 million

Greystar owns hundreds of units in Austin and operates dozens of other communities as a third-party manager. The developer is gearing up to open the remainder of Lamar Union, the mixed-use apartment and retail complex at South Lamar Boulevard and Treadwell Street. Alamo Drafthouse Cinema and the Highball bar already are open there

Tree was named after the numerous heritage oak trees — vegetation that the city has mandated must be saved because of its age and size — on the 6.3-acre site near the intersection of South First Street and Ben White Boulevard. The apartments range in price from about $1,400 a month for a small one-bedroom unit to more than $2,000 a month for a two-bedroom unit, according to the website

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