South Lamar apartment complex changes hands in off-market deal

Feb 24, 2014
Austin Business Journal

A California investor has grabbed a small, aging apartment complex along South Lamar Boulevard, likely the most active corridor in Austin for new apartment development. But don’t expect the buyer to tear it down in favor of new construction

“It’s likely a buy and hold play,” said Matt Pohl, a broker with ARA Real Estate Investment Services, who represented the seller in the off-market transaction

The name of the investor in the Townhollow Apartments complex wasn’t disclosed and his broker — John O’Neill of Keller Williams Realty — said the buyer is repeat investor in Austin who likes the “fundamentals” here

O’Neill said the buyer is going to make an investment in upgrading the 77-unit property at 1200 Treadwell St

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