Search
 

Lane Stakes First Austin Claim With 290 Units

AUSTIN-Lane latches onto the 98%-leased Savannah Apartments in the Northwest Hills. The value-add plan will bring a $3-million renovation while the team looks for more to buy.

By Amy Wolff Sorter | Updated on May 07, 2008

AUSTIN-Atlanta-based Lane Co. has made its first move in the area, acquiring the 290-unit Savannah Apartments in the Northwest Hills submarket. Similar class B properties in the market have traded for $85,000 to $87,000 per door.

Lane Co., which already has holdings in Dallas, plans to spend $2 million to $3 million to upgrade the 34-year-old complex at 7201 Hart Lane. According to Jeffrey Rogers, managing director of Transwestern’s Austin office, the buyer liked Savannah Apartments because of its upside of potential in rent increases and location in the Northwest Hills. He says the buyer is looking to buy more value-add, class B complexes in the city.

Rogers and Transwestern managing director Christopher Stutzman represented locally-based Falcon Southwest, which had performed exterior renovations during its hold of the asset. “Falcon owned the property for about three years. I think their plan when they bought it was to do a value-add through the exterior renovation,” Rogers says. “They did so and did it well enough to create good value over their holding period.”

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

© 2025 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 © 2025 ALM Global, LLC. All Rights Reserved.