AUSTIN–A joint venture between Hamilton Zanze and NYL Investors has sold The Retreat at Barton Creek to Paydar Properties. The 600-unit multifamily property at 3816 South Lamar Blvd. changes hands for an undisclosed price.
Hamilton Zanze purchased the property in 2007 and then completed a $7 million capital improvement program, including renovating all of the units, modernizing the pool area and improving the landscaping.
"We owned Barton Creek for just over seven years and executed on a capital improvement program that significantly enhanced the property's appeal and operations,” says Kurt Houtkooper, CIO of Hamilton Zanze. “This transaction speaks to the strength of the Austin market and the high quality of the asset."
Property amenities include two swimming pools, a clubhouse, dog park and fitness center with a personal trainer. It also has direct access to an 800-acre nature preserve. The property was built in 1984 and is 95% occupied.
CBRE's Charles Cirar represented the seller.
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