AUSTIN-A Glendale, CA-based investment group has acquired a third multifamily asset in the city, getting 444-unit Vistas at Canyon Creek from the Archstone-Smith Trust. The sale price is being kept quiet, but similar complexes have traded for $110,000 to $115,000 per door in the northwest submarket.
A spokeswoman for American Realty Advisors tells GlobeSt.com that the 95%-occupied Vistas at Canyon Creek at 8025 FM 620 North will not require any immediate upgrades. In addition, the new owner plans to rename the complex to Alara Canyon Creek, American Realty's brand name.
Greg Blomstrand, principal and managing director for American Realty Advisors, says in a press release that Vistas at Canyon Creek is "an ideal complement to Alara Cantebrea Crossing, which is located in the same submarket." The 288-unit Alara Cantebrea at 8021 FM 620 North was bought in June 2006 along with the 400-unit Hunter's Run Apartments at 11900 Hobby Horse Court.
The class A Vistas at Canyon Creek was built in 2001 on a 31-acre tract close to Lake Travis and Lake Austin. The 22 two- and three-story buildings contain one-, two- and three-bedroom units. The one-bedroom units are 506 sf to 776 sf; two-bedroom apartments, 873 sf to 1,040 sf; and three-bedroom floor plans, 1,173 sf to 1,187 sf. The monthly rents begin at 77 cents per sf and climb to $1.13 per sf.
Charles Cirar, senior vice president with CB Richard Ellis in Austin, represented Denver-based Archstone-Smith. American Realty Advisors used an in-house broker.
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