Austin: Retreat at Barton Creek sold to California buyer

AUSTIN – The Retreat at Barton Creek, a 600-unit apartment complex at 3816 S. Lamar Blvd., has been sold. The complex, which was constructed in 1984 and covers about 30 acres, was deeded in two parcels, with one appraised at $28.2 million and the other at $27.5 million.

The Retreat at Barton Creek offers one- and two-bedroom apartments, as well as studio floor plans. Units range from 505 sf to 972 sf and from rent varies from $918 to $1,394. The community was 95 percent leased at the time of sale.

The property was purchased by La Jolla, California-based Paydar Properties. The seller was San Francisco-based Hamilton Zanze & Co., who invested about $7 million to renovate all of the units during its seven-year hold on the property.