"It met a lot of people's investment criteria," says Patton Jones, managing director in Austin for Atlanta-based Apartment Realty Advisors. "We had more offers and more tours of any property we've had in Austin." Developed in 1993 by Gables Residential Trust of Atlanta, the 29-building complex on 23.7 acres at 11266 Taylor Draper Lane in the prestigious Arboretum is assessed at $22.89 million.

Gables had the asset marketed without an ask. Jones tells GlobeSt.com that Greystar made the close with cash and plans to sink another $10,000 per unit into the value-add play plus add an on-site fitness center "to bring it from a class B to a class A." Gables Great Hills, which will be renamed, was 93% leased at sale time.

"This is an area where demographics are excellent and lend themselves to a value-add program," Jones says. "It is expected they will be able to initiate rent bumps after a value-add program. They studied that and that's why they're here."