AUSTIN-In what is considered one of the largest multifamilytransactions to take place in Austin, Hunt InvestmentManagement LLC, headquartered in Chicago,sold the 2,044-unit Riata Town Center and Apartment Villages to anundisclosed buyer. The sale also included 17 acres containingzoning and preliminary entitlements for an additional 288units.

The seller, an affiliate of Hunt Cos. Inc.,acquired the 150-acre asset in 2006. Located on RiataTrace Parkway in Austin's far north submarket, Riata Town Centerand Apartment Villages came online during the mid-1990s, and thesedays offers 1,078 one-bedroom, 886 two-bedroom, and 80three-bedroom units, dispersed throughout two- and three-storygarden-style buildings in three general pricing tiers. A mainpart of the multifamily property is its town center, offering a4,250-square-foot resort-style pool with jacuzzi, fire pit, picnicgrove and 11,000-square-foot fitness center.

The extensive property was developed by Blue Star AustinLand LP (of which Jerry Jones, owner ofthe Dallas Cowboys is part-owner), also featuressignificant green space, a lake, jogging trails, beach volleyballcourts, indoor racquetball courts, basketball courts, 200 gasgrills, eight car wash stations and two dog parks.