Two major apartment sales close on Austin's north side

Jan 6, 2015
Austin Business Journal

Two large apartment investment sales in North Austin closed before the end of the year to out-of-town buyers


Houston-based Tradewind Properties purchased the Reserve at Walnut Creek, a 284-unit complex north of U.S. 290 and east of I-35


Pat Jones, principal of ARA brokerage, represented the unidentified seller


Property records with the Travis Central Appraisal District show the seller as USA WalnutCreek Dst with an address in San Antonio. The sales price was not disclosed though TCAD indicates the most recent appraised value for the garden-style community was $22.8 million


The other large sale was handled in part by brokers at ACR Multifamily, a boutique brokerage in Austin


An unidentified California-based investor purchased The Remington Apartment Homes at 13730 RR 620 near Lakeline Mall in Williamson County


The seller, according to the Williamson Central Appraisal District, was BDC/Austin LLC with an address in Portland, Oregon


The purchase price was not disclosed, though WCAD last valued the 344-unit property at $30.3 million


The buyer was represented in the off-market transaction by David Kanne, Hector Granado and Scott Burns, all with ACR


Both apartment communities are located near growing employment bases


The Reserve at Walnut Creek is near Samsung Inc., the General Motors Innovation Center and the growing Parmer business park, the re-envisioned Tech Ridge development, which is being expanded by Karlin Real Estate and Trammell Crow Co


The Reserve was built in 2002 on 14.3 acres. It was 94 percent occupied at the time of sale


Meanwhile, The Remington is adjacent to Paloma Ridge, a new commercial office project being developed by Stream Realty Partners in Austin


Built in 2007, The Remington is situated on 17.5 acres and was 98 percent occupied at the time of sale



Print Article opens in new window