X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

AUSTIN-A Glendale, CA-based investment group has acquired a third multifamily asset in the city, getting 444-unit Vistas at Canyon Creek from the Archstone-Smith Trust. The sale price is being kept quiet, but similar complexes have traded for $110,000 to $115,000 per door in the northwest submarket.

A spokeswoman for American Realty Advisors tells GlobeSt.com that the 95%-occupied Vistas at Canyon Creek at 8025 FM 620 North will not require any immediate upgrades. In addition, the new owner plans to rename the complex to Alara Canyon Creek, American Realty’s brand name.

Greg Blomstrand, principal and managing director for American Realty Advisors, says in a press release that Vistas at Canyon Creek is “an ideal complement to Alara Cantebrea Crossing, which is located in the same submarket.” The 288-unit Alara Cantebrea at 8021 FM 620 North was bought in June 2006 along with the 400-unit Hunter’s Run Apartments at 11900 Hobby Horse Court.

The class A Vistas at Canyon Creek was built in 2001 on a 31-acre tract close to Lake Travis and Lake Austin. The 22 two- and three-story buildings contain one-, two- and three-bedroom units. The one-bedroom units are 506 sf to 776 sf; two-bedroom apartments, 873 sf to 1,040 sf; and three-bedroom floor plans, 1,173 sf to 1,187 sf. The monthly rents begin at 77 cents per sf and climb to $1.13 per sf.

Charles Cirar, senior vice president with CB Richard Ellis in Austin, represented Denver-based Archstone-Smith. American Realty Advisors used an in-house broker.

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?

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.