AUSTIN—On behalf of Los Angeles-based InterGroup Corp., Berkadia has sold Capitol Village Apartments. The buyer was a San Francisco-based private investor.

Senior vice president George Deuillet III and vice president Forrest Bass of the Austin office negotiated the sale.

“Capitol Village was a unique investment offering that presented investors with an opportunity to acquire a property that was already performing well within its submarket, but was also in need of moderate exterior and interior renovations which inevitably should drive value further,” Bass told GlobeSt.com. “The submarket has experienced substantial rent growth in the most recent years and continues to benefit from its close proximity to the Mueller redevelopment and conversion of Highland Mall to the Austin Community College Highland campus.”

Located at 6855 East Highway 290, the asset was built in 1969. The 249-unit property features studio, one-, two- and three-bedroom layouts. Unit amenities include fully equipped kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans and walk-in closets. Community amenities include a swimming pool, clubhouse, playground, fitness center and business center, as well as barbecues, carports and two laundry facilities. The property, which is 96 percent occupied, is located on Highway 290 and near State Route 183.

“This was a highly attractive asset, receiving over 15 offers from a wide variety of investors,” says Bass. “The seller owned the property—its last holding in Austin—for more than 10 years, and the purchase represents the largest Austin acquisition to date for the buyer. We were happy to facilitate the transaction, which was an advantageous and strategic move for both parties.”