AUSTIN--Berkadia announced today the sales of Lantana Trace, located at 1830 Rundberg Lane West and 9315 Northgate Blvd. in Austin, and Crystal Falls, located at 10950 Westbrae Parkway in Houston. Director Forrest Bass of the Austin office negotiated the transaction.

The Austin property was 97 percent occupied at the time of the sale. Built in 1972, the 112-unit property features studio, one- and two-bedroom floor plans. Each unit features kitchens with tile backsplashes and double sinks, tiled showers, large walk-in closets, wood-grain vinyl flooring, ceramic tile, ceiling fans and mini-blinds. Community amenities include two swimming pools, two laundry facilities, barbecue and picnic areas, courtyards with mature landscaping, perimeter fencing with controlled-access gate and nearby public transportation.

The community is located near State Route 183 and Interstate 35.

The seller was 1830 W. Rundberg LLC and 9315 Northgate LLC of Austin. The buyer was ACA Lantana Trace LLC, also of Austin.

The seller originally purchased the asset as two separate, 56-unit properties in 2012 and 2013, both at discounted per-unit prices. Since those acquisitions, the operator combined the communities to run as one property. The property was well maintained and had a long history of healthy operation.

The buyer owns and manages other properties in the immediate area and believes that current rents are below the market rate, leaving room for measurable rent growth. The new owner also plans minor interior and exterior renovations.

“The North submarket in Austin continues to see a lot of transaction activity and strong economic fundamental,” Bass said. “We have closed four other recent multifamily transactions in the area, and just went to market with another large multifamily asset.”

Vacancy in the Austin metro lowered 20 basis points to 4.8 percent in the first quarter. At $1,101 per month in March, average asking rent was up 1.3 percent since December.

In Houston, managing directors Chip Nash and Gregory Austin, director Wade Schmitz and associate director Bob Heard negotiated the Crystal Falls transaction. The property was 96 percent occupied at the time of the sale.

Built in 1984, the 165-unit property features studio, one- and two-bedroom floor plans. Each unit features fully equipped kitchens and balcony or patio. Select units have washer and dryer connections, fireplaces and vaulted ceilings. Community amenities include a swimming pool, Jacuzzi, fitness center and controlled-access gate.

The community is located near Braeswood Boulevard, State Route 59 and Beltway 8.

The seller was Emerge Crystal Falls LLC of Ladera, CA. The buyer was Bear Valley Delaware Crystal Falls LLC of Sausalito, CA.

The seller was at the end of the investment timeline, while the acquisition provided a value-add opportunity for the buyer. The buyer plans to upgrade the unit interiors.

Houston-metro vacancy tightened 30 basis points in the last three months to 5.4 percent by the end of the first quarter. Average asking rents advanced 0.8 percent to $1,052 per month in the first quarter.