High-profile South Lamar apartment complex sold to California investor

Jul 2, 2014
Austin Business Journal

The Retreat at Barton Creek, a huge apartment complex in one of Austin’s most popular neighborhoods, has been sold to a Southern California investor


The property, at 3816 S. Lamar Blvd., was purchased by Paydar Properties of La Jolla, California, for an undisclosed price. The seller was San Francisco-based Hamilton Zanze & Co. in partnership with New York-based NYL Investors


The 600-unit complex was constructed in 1984 and covers about 30 acres, according to the Travis Central Appraisal District. It appears the property was deeded in two parcels, one appraised most recently at $28.2 million and the other at $27.5 million


Hamilton Zanze renovated all of the units during its seven-year hold on the property, investing about $7 million


The community was 95 percent leased at closing. Charles Cirar of CBRE Group Inc. represented the seller


So far this year, the most expensive apartment transaction was the Whitley, the 266-unit urban mid-rise that was recently built at 301 Brazos St., according to data provided by Austin Investor Interests, an Austin-based multifamily research firm


Hartz Mountain Industries Inc. of Seacaucus, New Jersey, purchased the property Jan. 9 from Austin-based Riverside Resources, which built the project


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