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AUSTIN-A joint venture has shelled out $34.5 million for the upscale Spraddle Creek Apartments at 9500 W. Parmer Lane in northwest Austin. The JV consists of New York-based Patronis Group, Miami-based LNR Property Group, Granite Associates and Greenstreet Capital LP, based in Kansas City, MO. An LNR affiliate is acting as the group’s managing partner.

The 430-unit complex, built by Fairfield Residential Inc., opened in May 2000. A gated community with 25 buildings positioned on 33 acres, Spraddle Creek has fireplaces, direct-access garages, two swimming pools with hot tubs, a fitness center, a business center and a clubhouse.

Spraddle Creek is a strategic property in a growing market, Mark Griffith, president of LNR’s eastern region, says in a prepared statement. He pegs the price at significantly less than replacement value. The apartment complex is LNR’s third investment in Austin and Patronis’ first.

The $86,608 per unit price is close to the high average for apartment complexes bought in the first three quarters of this year. In a report released last week, apartment consulting company Hendricks & Partners says the average prices per unit range from a low of $31,889 for properties built prior to 1975 to a high of $89,254 for properties built after 1994. The report said had it confirmed nine apartment complex sales in the first quarter.

LNR Property is a real estate investment, finance and management company. The Patronis Group was established in November 2000 as a diversified real estate business. Anthony T. Niosi and D. Thomas McDaniel, along with FPL Real Estate Advisors and Greenstreet, are the founding partners.

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