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 Reserve at Walnut Creek, a 284-unit, value-add community located in Northeast Austin, Texas.
ARA Austin-based Principal, Pat Jones represented the seller, a Delaware Statutory Trust, in the transaction. The asset was sold to Houston-based, Tradewind Properties, who plans to upgrade the units. Premium Property USA, Inc., headquartered in Switzerland, was the equity provider in the transaction.
“Reserve at Walnut Creek was sought after by private funds and private investors seeking a value-add opportunity,” said Pat Jones. “Investors were drawn to the outstanding employment base in North Austin and the ability to cure deferred maintenance, upgrade unit interiors, and increase rental rates.”
Constructed in 2002, Reserve at Walnut Creek is a garden-style apartment community comprised of one- and two-bedroom units. The class A community features several above market amenities including a resort-style pool, a poolside barbecue area with a gas grill, a state-of-the-art fitness center, a large indoor gym for basketball and aerobics, a business center with computers and high speed internet, limited access gates, and remote controlled detached private garages.
Additionally, Reserve at Walnut Creek is located minutes from major employment, retail, and entertainment. The property lies in the heart of The Walnut Creek Business Park, a 700-acre master planned, mixed-use business center which is also approximately eight miles northeast of Austin’s Central Business District and just four miles to the southeast of the “tech triangle.” With an employment base of 160,806 jobs within a 5 mile radius, major nearby employers include: IBM, Oracle, Google, Apple, National Instruments, UPS, PepsiCo, The United States Postal Service, and a number of state agencies, just to name a few.
Residents of Reserve at Walnut Creek enjoy convenient access to major thoroughfares such as MoPac Expressway, Hwy 183, SH-45, IH-35, and the recently constructed SH 130, a 131 mile tollway that runs north/south, and allows commuters to circumvent the I-35.
Occupancy at the time of sale was 94%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, (Eva Coffee), at ecoffee@ARAusa.com or 512.637.1216.
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 multi housing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multi housing 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 multi housing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multi housing investment services, visit www.arausa.com.