AUSTIN-In what is considered one of the largest multifamily transactions to take place in Austin, Hunt Investment Management LLC, headquartered in Chicago, sold the 2,044-unit Riata Town Center and Apartment Villages to an undisclosed buyer.  The sale also included 17 acres containing zoning and preliminary entitlements for an additional 288 units.

The seller, an affiliate of Hunt Cos. Inc., acquired the 150-acre asset in 2006. Located on Riata Trace Parkway in Austin's far north submarket, Riata Town Center and Apartment Villages came online during the mid-1990s, and these days offers 1,078 one-bedroom, 886 two-bedroom, and 80 three-bedroom units, dispersed throughout two- and three-story garden-style buildings in three general pricing tiers.  A main part of the multifamily property is its town center, offering a 4,250-square-foot resort-style pool with jacuzzi, fire pit, picnic grove and 11,000-square-foot fitness center.

The extensive property was developed by Blue Star Austin Land LP (of which Jerry Jones, owner of the Dallas Cowboys is part-owner), also features significant green space, a lake, jogging trails, beach volleyball courts, indoor racquetball courts, basketball courts, 200 gas grills, eight car wash stations and two dog parks.

Thomas Delaney and John Musgrove, senior vice presidents of Hunt Investment Management, handled the sales process in conjunction with the seller’s agents, Charles Cirar and Ryan Reid of CBRE Texas.  Mike Bryant and Jon Wooton, also with CBRE, were integral in placing permanent financing for the investment during Hunt’s ownership.