Los Angeles Company Buys 2,044-unit Riata Apartment Complex in Northwest Austin
By Camelia Bulea, Associate Editor
Los Angeles-based IMT Capital LLC, along with affiliate IMT Residential, has made its largest acquisition ever, closing a deal on the 2,044-unit Riata apartment complex. The deal represents one of the largest apartment portfolios ever sold in Austin, according to the Austin Business Journal.
The portfolio had been on the market since July, when news broke that CBRE Group Inc. was chosen to list the property on behalf of Hunt Investment Management—a division of the Texas-based Hunt Cos. empire.
Located near State Highway 183 and Riata Trace Parkway in Northwest Austin, the Riata portfolio includes eight distinct gated apartment communities. The complex was very attractive for the buyer, especially for its amenities, including an 11,000-square-foot athletic club and fitness facility, nine pools and hot tubs, racquetball and basketball courts, a jogging park, pet park, game rooms, and business centers.
The new owner was also drawn by Austin’s economic growth and the large number of investors. A good example is Apple’s $300 million investment in a new campus, which is expected to add circa 3,600 employees. The new campus will be located in the same corridor as the master-planned community of which the Riata portfolio is a part, reports the Community Impact Newspaper.
IMT Capital also owns four other properties in Austin: IMT Wells Branch, IMT Rattan Creek, IMT Anderson Mill and IMT Monterey Ranch. The company owns 70 properties with more than 21,375 units throughout Arizona, California, Florida and Texas.
Photo courtesy of www.facebook.com/RiataApartments
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