The Preserve at Travis Creek, a 608-unit, multi-family complex on Southwest Parkway has a new owner, real estate giant Lend Lease.

The 40-building luxury garden-style apartment community has been purchased from a joint venture of Greystar and Fairfield Residential. Greystar will continue to manage and lease the property. The project, seven miles from Austin’s Central Business District, has been acquired on behalf of a public pension fund client, according to a Lend Lease official.

Earlier this year, Lend Lease took over the recently completed Las Cimas Phase I office building and currently is developing the park’s second phase, located along Loop 360 near Bee Caves Rd., in a joint venture with the Lincoln Property Co.

Atlanta-based Lend Lease is one of the largest real estate managers in the world with some $32 billion in real estate and commercial mortgages under management for more than 500 institutional and private clients.

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