Value-Add Strategy Drives Major Multifamily Buy in N. Austin
- Jun 22, 2015
Two large value-add properties located in North Austin are under new ownership.
Montgomery, Ala.-based B&M Management Co. acquired the 450-unit Villages of Sage Creek and the 460-unit Park at Walnut Creek from Whole Life Management Co. of Dallas. The assets were marketed as the North Austin 2000’s Portfolio. Patton Jones of Austin-based ARA Newmark represented Whole Life in the transaction.
The residential complexes were built in the early 2000’s as Class A communities in Austin’s Far North submarket. Village of Sage Creek, located at 12820 N. Lamar Blvd., offers 11 floor plans that range from 636-square-foot, one-bedroom apartments to 1,441-square-foot, three-bedroom units.
Located at 12001 Dessau Rd., Park at Walnut Creek comprises 14 floor plans ranging from 696-square-foot, one-bedroom units to 1,630-square-foot, three-bedroom apartments. Both communities offer pet parks, swimming pools, business centers, fitness centers, and garages. Positioned in the Silicon Hills employment area, the residential complexes are close to such retail and entertainment venues as Tech Ridge Center, The Domain, and La Frontera.
“This portfolio was sought after by institutional and private investors seeking an early 2000’s value-add opportunity and the ability to acquire 900+ units in one transaction,” said ARA Newmark’s Jones in a statement. “Investors were drawn to North Austin’s robust employment base, excellent area demographics, and the proximity to three premier retail and entertainment destinations.”
Photos courtesy of sagecreekapts.net.