Post-Led JV Marks Second Buy for Redevelopment

(Read more on the multifamily market.)

AUSTIN-A partnership of Atlanta-based Post Properties Inc. and locally based Ardent Residential has closed on the second of two adjoining apartment complexes that they plan to demolish and replace with a single multifamily project about twice as large. The just-closed deal is the 32-unit Kingswood Apartments.

The partners earlier had acquired the 140-unit Bull Creek Apartments at 4320 Bull Creek Rd. Chris Stutzman, a managing director in the Central Texas multifamily group at Transwestern in Austin who represented the seller of Bull Creek and buyer of Kingswood at 4318 Bull Creek Rd., would not disclose prices for either deal. But, the larger property has an appraised value of $2.58 million and the smaller one is assessed at $1.56 million by Travis County. Jeff Rogers, also a managing director at Transwestern, worked with Stutzman on both deals.