Berkadia Arranges Sale of Capitol Village Apartments in Austin
- Apr 25, 2015
Austin’s Capitol Village Apartments, a 249-unit multifamily property, is under new ownership. InterGroup Corp. of Los Angeles sold the asset to a private investor from San Francisco.
“This was a highly attractive asset, receiving over 15 offers from a wide variety of investors,” said Forrest Bass, a vice president in Berkadia’s Austin office, in a statement. Bass and George Deuillet III, a Berkadia senior vice president, arranged the deal. “The seller owned the property—its last holding in Austin—for more than 10 years, and the purchase represents the largest Austin acquisition to date for the buyer,” Bass added.
The apartment complex, located at 6855 East Highway 290 near State Route 183, was 96 percent occupied when the deal closed. Built in 1969, it offers one-, two-, and three-bedroom apartments ranging in size from 400 square feet to 1380 square feet.
Amenities include fully equipped kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans, walk-in closets, pantries and mini-blinds. Community amenities feature a swimming pool, clubhouse, playground, fitness center, business center, barbeque area, carports, and laundry facilities.