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430-Unit Spraddle Creek Fetches $34.5 Mil

AUSTIN-Fairfield Residential Inc. has sold its 430-unit Spraddle Creek Apartments along Parmer Lane for $34.5 million. The buyer is a joint venture of Patronis Group, LNR Property Corp., Granite Associates and Greenstreet Capital LP.

By Tim Green | Updated on June 25, 2001

AUSTIN-A joint venture has shelled out $34.5 million for the upscale Spraddle Creek Apartments at 9500 W. Parmer Lane in northwest Austin. The JV consists of New York-based Patronis Group, Miami-based LNR Property Group, Granite Associates and Greenstreet Capital LP, based in Kansas City, MO. An LNR affiliate is acting as the group’s managing partner.

The 430-unit complex, built by Fairfield Residential Inc., opened in May 2000. A gated community with 25 buildings positioned on 33 acres, Spraddle Creek has fireplaces, direct-access garages, two swimming pools with hot tubs, a fitness center, a business center and a clubhouse.

Spraddle Creek is a strategic property in a growing market, Mark Griffith, president of LNR’s eastern region, says in a prepared statement. He pegs the price at significantly less than replacement value. The apartment complex is LNR’s third investment in Austin and Patronis’ first.

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