AUSTIN, TX—Hartz Mountain Industries has acquired the 16-story, 266-unit apartment community, Whitley, in the Austin central business district for an undisclosed price.

The luxury apartments are situated in the highly walkable Railyard District in Austin just a block away from the Austin Convention Center. The Witley, developed by Riverside Resources, features a mezzanine pool deck, a dog park, parking garages and high-end finished throughout.

"Hartz has acquired a trophy apartment property widely regarded as the most desirable new construction multi-family asset in Austin." says Jeff Dunne, vice chairman with CBRE. "Its prime location and impressive amenity package offer an unparalleled option for renters in Austin's bourgeoning downtown."

Hartz Mountain's purchase of Whitley is the latest in the company's strategy of acquiring urban multifamily assets located at "main and main" locations, CBRE tells GlobeSt.com.

"Since entering the multi-family residential real estate market in 2010, Hartz has been strategic about choosing properties in markets that appeal to people who can afford to buy but choose to rent because they want to be in or near vibrant urban communities," says Emanuel Stern, COO and president with Hartz Mountain. "Austin, TX is exactly where we want to be, and Whitley fits in with the rest of our portfolio with its luxury amenities, location and pending LEED certification."

Austin led Texas in rental rate growth in 2013, with effective rates increasing 7.1%, according to CBRE. Multifamily occupancy rates in Austin have been 90% and above for the last two years and with job growth and the increasing "renter by choice" market that is expected to continue.

Dunne and Patrick Carino represented the buyer and the seller was a joint venture between Principal and Riverside Resources represented by Charles Cirar of CBRE's Austin office.

James Gunning, executive vice president, and Donna Falzarano, vice president of CBRE debt and equity finance team, secured financing for Hartz on the transaction.