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AUSTIN-Side-by-side multifamily complexes, totaling 840 units, have been sold by different sellers to National Commercial Ventures LLC of Los Angeles. In all, more than $23 million went into acquiring the 336-unit Silver Vale Crossing and 504-Unit Brookstone at Longhorn Ranch.

“What happened here is the buyer was buying one property next door, saw the other and wanted it. So we went to the seller to ask if he would sell, and he did, in an off-market transaction,” says Tom Warren, associate partner with Hendricks & Partners in Dallas.

Dallas-based Westdale Fanny Properties Ltd., the off-market seller, handed off Silver Vale Crossing at 8900 Interstate 35 North while Garden Stone LP, a Denver investment group, sold Brookstone at Longhorn Ranch at 8800 Interstate 35 North. Silver Vale Crossing was 92% occupied; Brookstone, 78%. Warren worked with Ellen Muskin in Hendricks & Partners’ Austin office on both transactions.

Warren tells GlobeSt.com that complexes rose as one, in two stages during the 1980s, but through the years were traded to different owners. While Silver Vale underwent renovations in recent years, Brookstone did not. But, Brookstone’s turn is coming, with $9,000 per unit being set aside for upgrades.

“Silver Vale is a B-minus and Brookstone a C property. The buyer’s goal is to turn both into B properties,” Warren says, adding the new owner is planning some additional, but smaller, renovations at Silver Vale.

The 22-year-old Silver Vale has a mix of one- and two-bedroom units, averaging 608 sf. The monthly rent averages $495. The 21-year-old Brookstone also has one- and two-bedroom apartments that average 627 sf. The rent averages $664 per month.

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