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Upscale Austin apartments 'Bridge' to affordableUpscale Austin apartments 'Bridge' to affordablehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=106942015-10-12T05:00:00Z

​​​​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.
Austin Business Journal
Austin-Round Rock
Multifamily
http://www.bizjournals.com/austin/blog/real-estate/2015/10/pscale-austin-apartments-to-go-affordable.html

​​See Austin Multifamily Market Research. It's free.

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