ROUND ROCK, TX--ARA, A Newmark Company (ARA Newmark) has brokered the sale of Brushy Creek Village, a 112-unit apartment community located in Round Rock. The property was 100 percent occupied at the time of the sale.

ARA Newmark Austin executive managing director Andrew Shih and senior managing director James Young represented the seller, Steinmetz Family Trust, in the transaction. NGKF Capital Markets and ARA Newmark managing director Patrick Short arranged the property financing through Freddie Mac. The buyer for the property was a private investor, based out of San Diego, CA.

"This was the only multifamily asset the seller owned in the Austin market," Shih told GlobeSt.com. "They are planning on moving assets back closer to home in Southern California."

"We sold this deal for a family trust that had owned the property for years. The family trust's management company, Roscoe Properties, did a fantastic job stepping in almost a year ago to stabilize the property," said Shih. "Now, it is primed and ready for a full value-add upgrade with fresh capital from a new owner."

"We called the buyer who owned properties in nearby areas and suddenly they were in the market to buy in Austin after having been out of this market for a number of years," Young says.

Brushy Creek Village is a garden-style community that was constructed in 1984 with brick and wood siding. Part of the property received a face-lift with upgraded back-splash, faux wood vinyl flooring, fixtures in kitchens and baths, two-tone paint, new appliances and faux wood blinds. The community's amenities include a pool, laundry facilities, eight-foot ceilings, and a washer and dryer connection in select units.

Within a five-mile radius of the property, there is an employment base of 97,900 jobs including Apple, National Instruments, Emerson Process Management and Visa. Samsung, GM Tech and Dell are also nearby, as are five major retail and entertainment developments.