Belco Acquires 308-Unit, Fire-Damaged Complex

AUSTIN, TX-Topping five other potential buyers, Belco Equities Inc. has won the 308-unit Hampton Apartments in North Austin. The local management company will rebuild 14 units destroyed in a late 2006 fire and rehab 10 others that were damaged.

“Belco was able to handle that part of the deal better than the other bidders,” says Jeffrey Rogers, managing director in Transwestern’s Austin office. He and Transwestern managing director Christopher Stutzman represented the seller, Brookstone Associates of Austin. The complex, situated at 1773 Wells Branch Pkwy., came on the market with a $14-million ask. Market sales show similar class B complexes have traded for $50,000 to $75,000 per door.

Rogers says Brookstone Associates owned the 95%-occupied complex since 1994. “This was a partnership that made the decision that now was a good time to put this on the market,” he says.