Las Colinas Apartments Sold Through ARA
- Dec 13, 2013
The apartment community located at 1500 Reagan Hill Dr. in northeast Austin has again switched owners. The last time the property was on the market was in 2012 when it was acquired by San Diego-based Quez Capital.
The seller was represented by Atlanta-based ARA, the nation’s largest privately held, full-service investment advisory brokerage firm, through Principal Andrew Shih and Broker Matt Pohl from the Austin office. The buyer is a private Minnesota entity and the details of the transaction have not been disclosed. The occupancy rate at the time of sale was of 97 percent.
The garden-style community was built in the 1960’s and 1970’s and offers 178 one- and two-bedroom units. Amenities feature a playground and tree-lined interior courtyards. The renovations Quez Capital invested in during the past year include painted building exteriors, renovated clubhouse, updated courtyards, new faux-wood flooring, new appliances, and updated cabinetry in many of the units.
“Quez Capital purchased the property in 2012 and embarked on an extensive rehabilitation of the property in order to address the high level of deferred maintenance left from the prior ownership group,” Shih says.
Pohl added: “Although significant renovations were completed, Quez Capital intentionally left a number of the units ‘as-is’ to provide new ownership with the opportunity to complete the rehab of the property.”