AUSTIN, TX - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Terrain, a 101-unit apartment community in the South Austin submarket of Austin, Texas.
HFF marketed the asset on behalf of FBZ Williamson Creek. A private buyer located in Northern California purchased the property for an undisclosed amount.
Terrain is situated along Williamson Creek at 5112 South 1st Street near the intersection of West Stassney Lane, approximately four miles southwest of downtown Austin.
Renovated in 2013, the 95-percent-leased asset also provides nearby access to St. Edward’s University and South Austin’s recreational/entertainment amenities, as well as major thoroughfares such as Interstate 35, Highway 71 and Mopac Expressway (Loop 1). The property has one- and two-bedroom units ranging from 504 to 850 square feet and amenities such as a resort-style swimming pool, fitness center, dog runs and lounge areas.
The HFF investment sales team representing the seller was led by director Matt Pohl along with senior managing director Sean Sorrell and senior real estate analyst Ryan McBride.
“Terrain is one of the more impressive renovations I have seen rolled out for 1980’s product in Austin. The interior and exterior upgrades implemented at the property in addition to being situated along Williamson Creek provided for a really unique offering to the market,” said Pohl.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.