288-Unit Complex Sold to Waterton Residential; Canadian Developer to Build ‘Shop Houses’ at Mueller
- Nov 28, 2011
Waterton Residential recently purchased the Fox Hill apartment community in Southwest Austinl, according to a company news release. The deal for the 288-unit, 13-building Class A multifamily complex closed on October 28.
The complex, built in 2009, includes a fitness center, club house, swimming pool, children’s playground and a dog park, and offers one-, two- and three-bedroom units. The buyer will also manage the property. The Austin Business Journal notes that there will be minor renovation works necessary for the new complex. Additionally, the company will enhance some open space for outdoor activities like hiking trails or sitting areas.
Chicago-based Waterton Residential purchased the property as part of its Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund, according to the same news release. The property is a very important acquisition for the fund due to its location just two miles from four of the area’s major employers and within minutes of two major retail destinations: Barton Creek Square and Hill Country Galleria.
In other residential real estate news, Avi, a Calgary, Canada-based development company, was chosen to build a new section of homes at the Mueller site: 14 “shop houses,” which will feature live-work spaces.
The Mueller project, built on the former 700-acre airport site, is currently being transformed into a mixed-use development including residential, office, retail and more. The developer of the project is Catellus Development.
With the building of the 14 houses, Mueller will have nine different home styles, according to The Statesman. Other developers that are now working on their designs are David Weekley Homes, Standard Pacific Homes and Streetman Homes. All their houses will count for 221 single-family homes at Mueller, which will bring the total number of dwellings at the site to over 1,600.
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