AUSTIN, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Bluffs at Town Lake, a 300-unit 1970’s vintage property located in Austin, Texas.
ARA Austin-based Principal, Andrew Shih, represented the seller, California-based Post Investment Group who had purchased the property as a foreclosure and substantially renovated the property after taking it down to zero percent occupancy. The buyer was The Lighthouse Group out of Pacific Palisades, CA and Wells Fargo, who provided agency financing, was the lender. Bluffs at Town Lake represents the third apartment purchase for this buyer in the Austin area.
The Lighthouse Group plans on spending additional rehab dollars; predominately on the property interiors as a further value-add upgrade. According to Shih, “The seller had purchased this deal from the lender and substantially rehabilitated the property. The new buyer plans on continuing the process by further upgrading the units. The buyer already owns apartment units in Austin and this is an expansion of that portfolio. This was the up-leg in a 1031 exchange for Lighthouse.”
Bluffs at Town Lake is comprised of one and two bedroom units. The property offers a variety of amenities including a cyber café with lounge, coffee bar, and music area, health and fitness center, urban oasis pool, indoor basketball court, and skyline views of downtown Austin. The garden-style apartments are located in southeast Austin just off East Riverside Drive at 2005 Willow Creek Drive, Austin, Texas 78741.
Occupancy at the time of sale was over 92%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA and the ARA Private Client Services Group, locally, please contact Rachel Jonkers at rjonkers@arausa.com or 512.637.1229, or nationally, Amy Morris at amorris@arausa.com or 678.553.9366.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student& manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com