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AUSTIN, TX-Topping five other potential buyers, Belco Equities Inc. has won the 308-unit Hampton Apartments in North Austin. The local management company will rebuild 14 units destroyed in a late 2006 fire and rehab 10 others that were damaged.

“Belco was able to handle that part of the deal better than the other bidders,” says Jeffrey Rogers, managing director in Transwestern’s Austin office. He and Transwestern managing director Christopher Stutzman represented the seller, Brookstone Associates of Austin. The complex, situated at 1773 Wells Branch Pkwy., came on the market with a $14-million ask. Market sales show similar class B complexes have traded for $50,000 to $75,000 per door.

Rogers says Brookstone Associates owned the 95%-occupied complex since 1994. “This was a partnership that made the decision that now was a good time to put this on the market,” he says.

Rogers tells GlobeSt.com that insurance settlements for the burned units were part of the deal, which Belco will use for their renovation. The new owner also plans to upgrade other parts of the 15-building complex. “There will be some exterior enhancement and interior refurbishments,” he says. “We also know they’re going to install new roofs.”

Hampton Apartments sits on 10.4 acres in the north submarket, an area with similar class A and class B apartments. Rogers explains the area’s multifamily properties also serve suburban Round Rock and Pflugerville. The growth in both cities will likely increase demand for multifamily in the long term, he adds.

Hampton Apartments has one- and two-bedroom units from 562 sf to 1,027 sf. Monthly rents are $520 to $740. Belco Equities will be the asset manager.

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