Search
 

Buyer Seeks Community Links for $16-Mil Multifamily Buy

AUSTIN-The nonprofit American Village Communities is drafting a list of community links for its latest buy, the 308-unit Metropolis in Austin's southeast submarket. The eclectic multifamily complex, with its new goals, has brought about $16 million.

By Tim Green | Updated on August 21, 2001

AUSTIN-The Metropolis apartment complex, perhaps Austin’s funkiest multifamily housing development, has a new owner that plans to increase its involvement in community endeavors. American Village Communities Inc., a nonprofit organization, bought the 308-unit complex from Austin Plantation Oaks Ltd., an entity owned by Justin Robert Hilton, for about $16 million.

The Metropolis, situated in the southeast submarket, was planned to attract a diverse mix of tenants to affordable apartments in an urban-style design. The 12 buildings are illustrated with full-sized, color murals on the stucco and brick walls. Built according to Austin’s “green builder” guidelines, construction used recycled materials, energy- and water-saving fixtures and xeriscape, a method of landscaping with drought-resistant native plants to conserve water.

American Village financed the purchase with $19.1 million in bonds obtained through the Travis County Housing Finance Corp. Allstate Insurance Corp. holds the bonds and is liable if American Village defaults, according to Harvey Davis, manager of the finance corporation.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.