(To read more on the multifamily market, click here.)

AUSTIN-A Los Angeles investment group has bought two side-by-side properties in a plan to operate them as one. Comparable multifamily assets have changed hands for $35,000 to $45,000 per door.

The investment group plans to reposition the 233-unit English Aire Apartments and 165-unit Lafayette Landing along Burton Drive, assessed for a total $8.7 million by Travis County.

The two complexes, built as one in 1973 near the Downtown, were sold by different sellers in simultaneous closings. “The buyer plans to do renovations on the interior and exterior, bring them back together as one community. That’s a smart move on their part,” Ellen Muskin in the Austin office for Hendricks & Partners tells GlobeSt.com. “That’s a part of town where you can buy value-added assets and bring them up a level and still be right below replacement costs.” Muskin represented Peek-Howe Real Estate Inc. of Baton Rouge, LA in the sale of Lafayette Landing and Austin English Aire Ltd. of Austin in the English Aire disposition.

The just-bought, class B complexes are 90% occupied. Lafayette Landing at 1835 Burton Dr. has one- and two-bedroom units, with an average monthly rent of $480. Its neighbor at 1919 and 2121 Burton Dr., has studios and one- and two-bedroom apartments that bring in $435 to $788 per month.

Two months ago, National Commercial Ventures LLC, represented by Austin-based Colliers Oxford Commercial, bought the 336-unit Silver Vale Crossing at 8900 Interstate 35 N. and 504-unit Brookstone at Longhorn Ranch at 8800 Interstate 35 N.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.