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Austin’s Monterone at Steiner Ranch moves for $80MAustin’s Monterone at Steiner Ranch moves for $80Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=65982013-08-14T09:16:00Z2013-08-14T00:00:00Z

AUSTIN - The 502-unit Monterone at Steiner Ranch, located at 4500 Steiner Ranch Blvd., has been sold for $80 million, or $159,363 per unit. The units are spread over 117 acres, and the property was 93 percent occupied at the time of sale.

The average price for two Class A communities that sold during second quarter 2013 was $162,000 per unit, according to the Austin Investor Interests’ second quarter report.

Steadfast Income REIT of Irvine, Calif., purchased the property from Amaravathi LP, an entity of CNC Investments of Houston.

A $4 million upgrade is planned for the property, according to Kyle Winning, chief investment officer of the Steadfast Cos. Steadfast has rebranded the community as Meritage at Steiner Ranch.

Steadfast Income REIT also owns the Montecito apartments near I-35 and Woodward St., and the Montelena apartment community in Round Rock.

Austin Business Journal
Austin-Round Rock
Multifamily
http://www.bizjournals.com/austin/blog/real-estate/2013/08/california-reit-pays-80-million-for.htmlRead more at {Source}

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