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Location is Factor in Disposition of Two-Property Portfolio

AUSTIN, TX—The assets' proximity to Lake Travis, good schools and strong employment hubs in the technology, medical and education fields helped drive investor interest for the two properties.

By Lisa Brown | lisabrown | | Updated on April 12, 2016
Alara Canyon creek A class-A multifamily apartment community, ALARA Canyon Creek, has sold as part of a two-property portfolio.
AUSTIN, TX— American Realty Advisors acquired ALARA Cantebrea Crossing in 2006 and ALARA Canyon Creek in 2007.  Both are class-A multifamily communities and feature a total of 732 units. The two properties were packaged as a single portfolio and recently sold by American. The portfolio was 95% occupied at the time of sale. Martha Shelley , a senior portfolio manager at American Realty Advisors, tells GlobeSt.com: “Investors continue to view Austin as an extremely attractive market, especially for multifamily, making this the perfect time to sell these assets. This strong investor demand, coupled with the value we were able to add to the properties during ownership, allowed us to maximize returns on behalf of our investors.” She noted that the assets’ proximity to Lake Travis, good schools and strong employment hubs in the technology, medical and education fields helped drive investor interest for the two properties. The properties are low-density residential communities located along FM 620 North in Austin’s Northwest submarket. “Limited comparable supply in the nearby vicinity, the highly desirable area, and the recent renovations of the clubhouses and unit interiors were several of the factors that made these properties attractive to institutional buyers,” continued Shelley. At the time of the sale, due to strict development restrictions in the area, both properties were the only multifamily luxury rental complexes within a two-mile radius. CBRE represented the ownership in the sale. American Realty Advisors is an investment manager to institutional investors, and has provided real estate investment management services for more than 27 years utilizing core and value-added commingled funds and separate accounts. It has more than $7.3 billion in assets under management.      

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