AUSTIN - The 1,072-unit Monterey Ranch, located at 4701 Staggerbrush Rd. in Southwest Austin, has been purchased by Northland Investment Corp.
The Travis Central Appraisal District values the property, which includes 54 buildings on 32 acres, at $47.6 million. It was built in stages between 1995 and 1999.
The seller of the property was IMT Residential of Sherman Oaks, California, which owned the asset since September 2009
Northland now owns 18 communities in the Austin market, including two others in the southwest submarket: Sedona Springs at 4201 Monterey Oaks Blvd. and River Stone at 5701 S. Mopac Expy.
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