CBRE Selected for Huge Apartment Deal in Austin
- Jul 20, 2012
The sale of RIATA—an expansive apartment community in Northwest Austin—is to be one of the largest multifamily investment deals in the metro area when completed. CBRE Group Inc., represented by Charles Cirar, Ryan Reid, Michael Wardlaw and Mark Stymiest, was selected to list the property on behalf of Hunt Investment Management, a division of the Texas-based Hunt Cos., according to the Austin Business Journal.
The Austin publication compares this huge listing with Equity Residential selling its portfolio in 2007. The deal consisted of the sale of 3,000 apartment units, for which Northland Investment Corp. paid $270 million. Six years ago, when Riata was sold to Hunt, the property was valued and bought for $150 million. The sum is expected to increase considerably in the upcoming deal.
According to CBRE’s website, RIATA is a “Best-in-Class” asset constructed from 1996 to 2001 with Texas Ranch architecture. The core-plus offering consists of 2,044 units within eight independently gated communities and a contiguous 17-acre entitled development parcel.
Additionally, the community includes a centralized Town Center that consists of an 8,900-square-foot leasing center and clubhouse, an 11,000-square-foot fully staffed athletic club and a 4,000-square foot resort-style pool. Blue Star Austin Land developed the apartments in partnership with Riata Development.
Meanwhile, Atlanta-based Hardin Construction Co. was named general contractor for a $60 million project in South Austin. The mixed-use project will consist of 378 Class A apartments, about 20,000 square feet of restaurant and retail space and 10 live-work units, as reported by the Austin Business Journal.
Construction of multifamily project, called The 704, is scheduled to begin this summer and be completed in the spring 2014, according to a company’s news release. The project’s architect of record is Dallas-based Wilder Belshaw Architects.
Photo credits: CBRE, Inc.
Chart courtesy of Marcus & Millichap
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