Search
 

RREEF, United Dominion Rally $17.4M Multifamily Sale

AUSTIN-United Dominion is the new owner of the 250-unit Barton Creek Landing, a 16-year-old complex that has wrought $69,600 per unit for seller, RREEF. The 84%-occupied holding has an 8.8% cap rate.

By Tim Green | Updated on April 07, 2002

AUSTIN-United Dominion Realty Trust Inc. has added to its Austin portfolio with the $17.4-million purchase of a 250-unit apartment complex in the south submarket. The company, based in Richmond, VA, now owns four Austin-area apartment communities with a total of 1,116 units.

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.”

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.