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Greystar Takes Gables' 276-Unit Great Hills

AUSTIN-The Northwest Hills prize, assessed at $22.89 million, drew 32 offers. The new owner will put $10,000 per unit into moving the class B to a class A for its value-add play.

By Connie Gore | Updated on November 04, 2008

[IMGCAP(1)]AUSTIN-Greystar Real Estate Partners LLC, up against 31 other would-be buyers, has bagged the 276-unit Gables Great Hills in Northwest Austin. The class B complex’s location and value-add dynamics were the source of the strong investment interest.

“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.

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