AUSTIN—Austin-based multifamily developer Oden Hughes LLC has sold its 293-unit Landmark Double Creek community in South Austin to Brass Enterprises, a private real estate investment company based in Toronto. The sale price was not disclosed.
Completed in June 2013, Landmark Double Creek is located near I-35 and near Southpark Meadows shopping center. A second phase with 276 units will commence in 2014.
The project was the third launched by Oden Hughes, which was founded by real estate veterans Steve Oden and Craig Hughes in 2010.
“Given the strength of the multifamily market and overall economy in Austin, Class A communities like Double Creek are very attractive to investors,” Oden says.
Pat Jones of ARA Austin represented Oden Hughes in the transaction.
“Landmark Double Creek was sought after by institutional and private investors seeking a core investment opportunity,” says Jones. “Investors were drawn to the outstanding growth prospects of the I-35 corridor, the property’s proximity to Austin’s central business district, and the luxury product finishes.”
Oden Hughes recently started its tenth Class A multifamily project in Texas and currently has three of its own communities under construction in Austin and Houston. Oden Hughes Construction is also building two multifamily projects as the general contractor for other developers.