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AUSTIN-AmeriSouth Realty has picked up its third Austin apartment property with the acquisition of the 96%-occupied Marshall Apartments in the city’s east submarket.

With the purchase, AmeriSouth plans to spend $1 million to renovate the affordable-housing property, Ruel Hamilton, the company’s president, tells GlobeSt.com. The biggest expense will be the installation of air conditioning in the 100-unit complex. “That also requires a reworking of the electrical system,” Hamilton says. Dallas-based AmeriSouth also will paint the exterior, fix up interiors and put in new appliances.

AmeriSouth paid $20,000 per unit to EA2000 LLC, a partnership based in Park City, UT. Jeff Ratliff of AmeriSouth Real Estate Services Inc. represented AmeriSouth in the transaction; the seller didn’t have a representative. John Brownlee of Holliday Fenoglio Fowler arranged the project’s financing.

The complex’s 19 two-story brick buildings are spread over two locations several blocks apart. One is positioned at 1157 Salina St. and the other at 1401 E. 12th St. The Marshall property has a HAP contract with the federal department of Housing and Urban Development to provide housing for low-incomes families, Hamilton says.

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