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Multifamily Asset Sells Four Times in Eight Years

AUSTIN, TX—Multiple sales of this property in the last few years are proof of the rapid gentrification and growth of East Riverside and southeast Austin.

By Lisa Brown | lisabrown | | Updated on July 08, 2016
Current The Current was 93% occupied at the time of sale.
AUSTIN, TX—For the fourth time in eight years, ARA Newmark has led the sale of a 300-unit property formerly known as Bluffs at Town Lake and Longhorn Station . Now known as the Current , it sold at an undisclosed price to Avesta , a multifamily investment and management firm, through a loan assumption with Wells Fargo/Fannie Mae . It was 93% occupied at the time of sale. Executive managing director Andrew Shih and senior managing director James Young of ARA Newmark, A Newmark Company, exclusively represented the seller, Austin-based Thrive FP . “Multiple sales of this property in the last few years are a testament to the rapid gentrification and growth of East Riverside and southeast Austin,” said Shih. “Avesta plans to build upon the momentum with extensive upgrades to unit interiors.” Constructed in 1974, the garden-style community features studio, one-, and two-bedroom homes with access to amenities such as an indoor sports court, electric-vehicle charging stations, the largest fitness center in southeast Austin, and a swimming pool with a grill, picnic area and sand volleyball court. Shih tells GlobeSt.com: “Wells Fargo allowed a second supplemental loan on this project, which will help Avesta in its value-add upgrade program. The fact that the lender would allow this is another indication of the bullishness toward the southeast Riverside area.” Located near downtown Austin, The Current also is minutes from the anticipated Oracle campus in the Lakeshore District. Oracle plans to build a 560,000-square-foot corporate campus which will increase the number of local employees by 50% and add 550 new jobs. Other nearby employers include TxDot, IRS, HomeAway, Facebook and the University of Texas . The area offers a diverse array of recreational and entertainment venues, boutiques and restaurants.  

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