(Read more on the multifamily market.)
AUSTIN-A private investor from Redondo Beach, CA has takenpossession of the class A 224-unit Saddle Creek Apartments in anoff-market transaction. Sources uninvolved with the transaction saythe six-year-old asset traded for slightly north of its$16.8-million assessment by Travis County.
The buyer acquired the 92%-leased complex at 10801 Old ManchacaRd. from Orix Real Estate Capital Inc. in Chicago. Patton Jones,sales director with Apartment Realty Advisors' Austin and SanAntonio offices, says Orix Real Estate acquired Saddle Creeka year and a half ago as a value-add project and it was ready tosell because it had reached the necessary business goals.
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