145 Acres overlooking Lake Austin sold145 Acres overlooking Lake Austin soldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=24462014-11-20T14:34:00Z2014-11-17T00:00:00Z

AUSTIN - Exxon Mobil Corp. has sold a 145-acre tract overlooking Lake Austin.

Exxon, which had owned the land for a quarter century, sold the land to Luna Heights LP, a partnership between Eduardo “Eddie” Margain and Austin-based Riverside Resources.

The land is appraised at $9.2 million by the Travis Central Appraisal District.

Located on a prominent ridge near Capital of Texas Hwy. and W. Courtyard Dr., the land is one of the last few undeveloped tracts along Lake Austin. Last year, real estate experts speculated that the property could sell for tens of millions of dollars.

Plans for the land “are being carefully considered,” according to Margain. Under zoning dating to the 1980s, it has approvals to develop 70 home sites.

In purchasing the property, Margain decided to align with Riverside Resources because of the firm’s extensive background in high-quality projects and its successful track record in Austin.

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/business/prized-lake-austin-tract-gets-new-owner/nh79H/#d0ef4846.3380261.735554Read more at {Source}

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