Colonial Creek at Canyon Hills in portfolio buy

AUSTIN – The 229-unit Colonial Creek at Canyon Hills apartments in Southeast Austin was part of a four-property portfolio buy. The Austin apartment complex was built in 1995 near I-35 and William Cannon Dr.

The 1,380 units in Texas, North Carolina and Virginia were acquired from Colonial Properties Trust for about $95.4 million collectively.

Elco Landmark Residential of Tampa, Fla., in association with Timbercreek Asset Management of Toronto, Canada, was the buyer. Elco Landmark intends to rebrand and renovate all of the properties.

The other properties are located in Chapel Hill and Charlotte, N.C. and Charlottesville, Va.

Read more at Commercial Real Estate Direct.