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 the Preserve at Travis Creek, a 608-unit, community located in Austin, Texas. ARA Austin-based Principal, Patton Jones represented the seller, Dallas, TX-based Invesco Real Estate. The community was acquired by Heitman, a pension fund advisor, based out of Chicago, IL.
“Preserve at Travis Creek was popular with institutional and private investors due to its irreplaceable location in the southwest submarket” said Jones. “The buyer is taking advantage of the rapid growth in rental rates and the value-add opportunity that the Preserve at Travis Creek offers.”
Constructed in 1998, Preserve at Travis Creek is comprised of one, two, and three bedroom units. The property offers a variety of amenities including two resort-style swimming pools, a fully-equipped fitness center and fitness director, an aerobic studio, BBQ grills, a walking/jogging/biking trail, and beautifully landscaped grounds. The garden-style apartment community is located in southwest Austin with easy access to major thoroughfares including Mopac Expressway (Loop 1), US Hwy 290 and Capital of Texas Highway (Loop 360) at 5800 Southwest Parkway in Austin, TX 78735.
Occupancy at the time of sale was 96%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA 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