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AUSTIN-A private investor from Redondo Beach, CA has taken possession of the class A 224-unit Saddle Creek Apartments in an off-market transaction. Sources uninvolved with the transaction say the six-year-old asset traded for slightly north of its $16.8-million assessment by Travis County.

The buyer acquired the 92%-leased complex at 10801 Old Manchaca Rd. from Orix Real Estate Capital Inc. in Chicago. Patton Jones, sales director with Apartment Realty Advisors' Austin and San Antonio offices, says Orix Real Estate acquired Saddle Creek a year and a half ago as a value-add project and it was ready to sell because it had reached the necessary business goals.

Saddle Creek was Orix's only multifamily holding in the Austin market. "They purchased it, invested capital to spruce it up, achieved their turnaround plan, then sold it," Jones says.