AUSTIN - The 284-unit Reserve at Walnut Creek and the 344-unit The Remington Apartment Homes have been sold in separate transactions in North Austin.
Houston-based Tradewind Properties purchased the Reserve at Walnut Creek at 8038 Exchange Dr. It was built in 2002 on 14.3 acres and was 94 percent occupied at the time of sale.
The Travis Central Appraisal District indicates the most recent appraised value for the garden-style community was $22.8 million.
A California-based investor purchased The Remington Apartment Homes at 13730 RR 620 near Lakeline Mall in Williamson County.
The Williamson County Appraisal District last valued the property at $30.3 million. Built in 2007, The Remington is situated on 17.5 acres and was 98 percent occupied at the time of sale.
Both apartment communities are located near growing employment bases.
The Reserve at Walnut Creek is near Samsung Inc., the General Motors Innovation Center and the growing Parmer business park. Meanwhile,
The Remington is adjacent to Paloma Ridge, a new commercial office project being developed by Stream Realty Partners in Austin.
Read more at the Austin Business Journal.