United Dominion paid $69,600 per unit for Barton Creek Landing at 2800 Barton Bluff's Lane. RREEF Funds, which has offices in Chicago, was the seller. The assessed market value set by the Travis Central Appraisal District is $15 million. It has an 8.8% cap rate based on 2002 stabilized operations, less a $350 per unit reserve for capital expenditures.

The purchase comes as the Austin market continues to cope with the rapid build-up of the past several years and the slowdown in the economy. Apartment communities throughout the area have cuts rents and poured on the concessions to keep and attract tenants.United Dominion said the acquisition continues its strategy of buying apartment communities in markets that have long-term growth prospects and "where the company can add value through its existing property management operation."

Barton Landing is situated among the string of office complexes positioned along MoPac Expressway south of the CBD. It was built in 1986 on 18 acres and was 84% occupied at closing. Rents range from $710 per month to $1,065, with an average take-in of $966 per unit.