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| ALARA Canyon Creek Apartments, Austin, TX |
Austin, TX – American
Realty Advisors, an institutional real estate investment manager with over $7.3
billion in assets under management, has sold two Class A multifamily apartment
communities in Austin, TX.
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| Martha Shelley |
The two properties, known
as ALARA Cantebrea Crossing and ALARA Canyon Creek, featured a total of
732 units, and were packaged as a single portfolio. Both properties are low
density residential communities located along FM 620 North in Austin’s
Northwest submarket.
“Investor demand for high-quality multifamily
product in Austin remains very strong,” says Martha Shelley, a Senior Portfolio Manager at American Realty
Advisors.
She noted that the assets’ proximity to Lake Travis, good schools,
and strong employment hubs in the technology, medical, and education fields
helped drive investor interest for the two properties.
American had acquired
ALARA Cantebrea Crossing in 2006 and ALARA Canyon Creek in 2007.
“Limited comparable supply in the nearby
vicinity, the highly desirable area, and the recent renovations of the
clubhouses and unit interiors were several of the factors that made these
properties attractive to institutional buyers”, continued Shelley.
At the time of the sale,
due to strict development restrictions in the area, both properties were the
only multifamily luxury rental complexes within a two-mile radius. The portfolio was 95% occupied at the time of
sale. CBRE represented ownership in the
sale.
With over $7.3 billion in
assets under management, American Realty Advisors is an investment manager to
institutional investors, and has provided real estate investment management
services for over 27 years utilizing core and value-added commingled funds and
separate accounts.
American acquires assets
directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid
debt to primary investors and developers operating throughout the United States
for office, industrial, multi-family, and retail properties.
More information regarding
American can be found at www.americanreal.com.
For a complete copy of the company’s news release,
please contact:
Media Contacts:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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