Austin: 289-unit Promesa brings $41M

AUSTIN – Promesa, a 289-unit community 2012-built asset by Forestar Group, has been sold for $41 million. The property was picked up by a large pension fund advisor.

“Promesa was sought after by institutional and private fund investors seeking a core investment opportunity,” says Patton Jones, principal at ARA. “Investors were drawn to the product finishes, affluent demographics and good schools in this West Austin location.”

Promesa is surrounded by 5,000 acres of the Balcones Canyonlands Preserve. Occupancy was 82 percent at the time of sale, and the property was in the final stage of its initial lease-up at the time.