Austin Capital Advisors Eyes Growth in N. Austin Asset
- Jun 30, 2015
Austin Capital Advisors has acquired a garden-style multi-family community in Austin’s thriving North submarket.
The property’s Austin-based sellers were 1830 W. Rundberg L.L.C. and 9315 Northgate L.L.C. Forrest Bass of Berkadia’s Austin office arranged the sale of the property, known as Lantana Trace. It was 97 percent occupied at closing.
Located at 1830 W. Rundberg Lane and 9315 Northgate Blvd., Lantana Trace comprises 112 studio, one-, and two-bedroom units. It offers easy access to Interstate 35 and is less than 20 miles from Austin Bergstrom International Airport.
Amenities include two swimming pools, laundry facilities, barbecue and picnic areas, landscaped courtyards, perimeter fencing with controlled access, and nearby public transportation. The property was previously purchased as two separate, 56-unit properties in 2012 and 2013 and subsequently combined into a single complex.
Berkadia said in a statement that Lantana Trace has below-market rental rates and offers potential for growth. Achieving that goal could get a boost from interior and exterior upgrades planned by the new owners.