AUSTIN-Developer Martin Fein Interests Ltd. has sold the recently completed, 290-unit Robertson Hill Apartments. A New York City pension fund buyer who is active in the Austin market took the class A complex through an off-market transaction.

“It wasn’t Fein’s intention to sell this when they first planned it. “The buyer made an offer for this while it was under construction, well over a year ago,” comments David Aaronson, principal with Live Oak Capital Ltd. of Houston. Aaronson teamed with colleague and Live Oak senior vice president Hal Holliday to negotiate the transaction. The Houston-based seller broke ground on the complex in late 2006.

Though Aaronson kept quiet about the asset’s price, Travis Central Appraisal District has put a $35.5 million value on the luxury property at 1000 San Marcos St. near the central business district. Aaronson tells that the investor acquired Robertson Hill Apartments in an all-cash deal.

“This is just a gorgeous property,” he adds. “It’s in a great area and it’s beautifully built.” He adds that the occupancy is between the high 90s and low 90s.

Robertson Hill Apartments has one- and two-bedroom units, measuring between 670 and 1,777 square feet. Monthly rents are from $1,137 to $2,725. Aaronson says he isn’t certain who will manage the complex, though it’s likely Fein could continue with the assignment for the time being.

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