Upscale Austin apartments 'Bridge' to affordable | Upscale Austin apartments 'Bridge' to affordable | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=10694 | 2015-10-12T05:00:00Z | 2015-10-12T15:00:00Z | AUSTIN - The Community Development Trust is partnering with the Austin Affordable Housing Corp. — a nonprofit subsidiary of the Housing Authority of the City of Austin — in the acquisition and operation of two fairly new apartment complexes in North Austin, The Bridge at Center Ridge and The Bridge at Tech Ridge. A combined purchase price of $67 million was confirmed by a CDT spokesman. Half of the 642 units will be converted into long-term affordable housing. The north central location is in an area of rapid population and job growth, where there are few affordable housing options, a news release stated.
Here are some specifics about each complex: - The Bridge at Center Ridge at 701 Center Ridge Dr. encompasses 348 units.
It sold for $36 million or $103,448 per unit. The Travis Central Appraisal District most recently appraised the complex at $32,290,400.
- The Bridge at Tech Ridge at 12800 Center Lake Dr. encompasses 294 units.
It sold for $31 million or $105,442 per unit. The Travis Central Appraisal District most recently appraised the complex at $27,434,000.
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