AUSTIN, TX-Hendricks-Berkadia has closed the sale of Canyon Oaks, located at 1601 Royal Crest Drive, negotiating for the buyer, Presidium Group, Austin.
Built in 1969, the 562-unit apartment community offers studio, one-, two-, three- and four-bedroom floor plans. The seller was S2S Canyon Oaks Associates, LP, Sausalito, CA.
The transaction was negotiated by George Deuillet of the Austin office of Hendricks-Berkadia. This is the fourth transaction in the last six months by Hendricks-Berkadia's Austin office for this purchaser in the East Riverside submarket. Totaling 1,100 units and encompassing over 40 acres, these properties overlook the large-scale submarket redevelopment taking place along Riverside Boulevard. The purchaser plans an extensive renovation at all four properties to further take advantage of their prime locations, all with excellent downtown views.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
