The seller was Granada/Turnberry Ltd., an Austin partnership. Ellen Muskin and Andrew Shih, both of the Austin office of Phoenix-based Hendricks & Partners, worked the deal for both parties. The Dallas office of California Federal Bank arranged the financing.
Muskin tells GlobeSt.com that the deal was done at close to the $4.4-million asking price. The new owner expects to make some light renovations to the properties. The Granada I and II are situated at 918 E. 40th St. and Turnberry at 4003 Red River.
Occupancy is 93% at the apartments, which are oriented toward college students. The University of Texas campus is a few blocks away and the campus of Concordia University is even closer. The property is across Red River Street from the Hancock Shopping Center and just north of the Hancock Municipal Golf Course.
Alori puts together partnerships that buy apartment properties in Central Austin and the Hyde Park area. The company manages 20 other apartment communities and will be doing the job at its newest purchases.
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