ARA Newmark Brokers Wellington Palms Sale

AUSTIN--ARA, A Newmark Co. has brokered the sale of Wellington Palms, an 86-unit community located in five miles north of downtown Austin.

Situated two miles from the new 711-acre Mueller redevelopment project, occupancy at the time of the sale was 100 percent.

ARA Newmark executive managing director Andrew Shih represented the seller, a private partnership out of Los Angeles, and the buyer was GVA, a local real estate investment firm specializing in value-add opportunities in rapidly gentrifying locations.

“The seller bought the property out of distress over ten years ago and we helped them find financing for it over the years,” said Shih. “The property was primed for a value-add update. Rents are below market and the area is greatly benefiting from the continued transformation of the Mueller redevelopment.”

“We had a lot of interest in this opportunity and GVA stepped up by making this their first buy in this part of town. They plan to implement a major renovation program to improve all aspects of the property, interior and exterior.

"The first step of their remodel has already been to implement an entire new landscaping package and replacement of the roofs," Shih told GlobeSt.com.

Constructed in 1969, Wellington Palms is a two-story, garden-style apartment community situated on almost three acres, with a mix of one- and two-bedroom floor plans. The community offers residents two laundry facilities, an on-site management office and multiple courtyards.

In addition to Mueller, the nearby ACC Highland Mall is in the process of a major redevelopment, which includes the renovation of 200,000 square feet of instruction space that is set to house 6,000 students. Major employer Rackspace is planning to relocate operations to the area, bringing more than 600 employees with plans for an additional 500 jobs over the next ten years, and other nearby major employers include The University of Texas, St. David's Healthcare, Seton Healthcare and Austin Studios.