AUSTIN--ARA, A Newmark Co. (ARA Newmark) has sold four multifamily properties in the Austin area.

The assets include Platinum Southside, a 195-unit, high-end garden-style apartment community located in the south central submarket; Bluffs at Townlake, a 300-unit, garden-style apartment community; Martha's Vineyard, a 360-unit, garden-style apartment community located in the northwest submarket; and Serena Park, a 36-unit, value-add apartment community located at 9210 Northgate in north Austin.

Platinum Southside

The buyer, FrontRange Capital Partners, is a Denver-based private equity firm that focuses on investments in both real estate and business operations. Occupancy was 95 percent at the time of sale.

“Platinum Southside appealed to institutional and private investors seeking a core investment opportunity,” says executive managing director Patton Jones. “Investors were drawn to the excellent location and area demographics, as well as the property's class A product finishes.”

Constructed in 2009, Platinum Southside units average 934 square feet and include nine-foot ceilings. There are six unique floor plans that range from a 700-square-foot one-bedroom, to a 1,328-square-foot, two-bedroom design. 

Resort-quality amenities include a contemporary clubhouse with leasing center; cyber café with WiFi, billiards, fully equipped business center, and beverage bar; and a luxurious swimming pool with lush landscaped grounds, grilling stations and picnic areas. There is also a state-of-the-art 24 hour fitness center, which includes cardio and weight machines with TVs.

Bluffs at Townlake 

Executive managing director Andrew Shih represented the Pacific Palisades, Calif.-based seller, The Lighthouse Group. The buyer was Austin-based Thrive FP, a real estate investment firm specializing in debt and equity transactions. The property was acquired through a Wells Fargo/Fannie Mae loan assumption; Thrive was able to add a sizable supplemental loan at closing, according to Shih. 

“This is the third time we have sold this property in the last six years and, each time, the buyer has greatly improved the property,” says Shih. ”The southeast submarket continues to gentrify, so the long-term prospects of properties such as Bluffs appear to be very bright. We expect Thrive to continue significant interior upgrades to the units.”  

The new buyer brought in Roscoe Properties as the third-party manager to assist in the repositioning efforts. Already, Lighthouse had upgraded 39 units. 

Constructed in 1974, Bluffs at Townlake comprises efficiency, one- and two-bedroom units and it features several amenities for active lifestyles, such as a sand volleyball court, indoor basketball court, and a health and fitness center

Martha's Vineyard

Jones and Shih represented the seller, an investment managed by Pinnacle. The undisclosed buyer was a leading pension fund advisor. Occupancy was 95 percent at the time of sale.

“The property is one of the prettiest '80s-built communities you will find anywhere but it has not been fully updated,” says Shih. “The buyer plans some full interior upgrades, including appliances, cabinets and blinds.”  

Constructed in 1986, Martha's Vineyard comprises one- and two-bedroom units that give residents the feel of a private home as opposed to the traditional flat apartments common in competing communities. Amenities include a leasing center and clubhouse complete with fully equipped business center, state-of-the-art 24-hour fitness facility, and laundry center.

Serena Park

Shih represented the seller, a Northern Calif.-based private partnership. The undisclosed buyer is a local resident with whom ARA has worked with in the past. Occupancy was 92 percent at the time of sale.

“We planned for a quick close but the property suffered a fire that spanned two units. The buyer and seller hung in there and worked through the difficult insurance issues in order to get this closed in a rapid manner,” says Shih.

Constructed in 1972, Serena Park is a garden-style apartment community comprising 16 one-bedroom, one-bath units and 20 one-bedroom, one and one-half bath units. The property is individually metered for electric and master-metered for gas and water. The buyer plans to update the units.