DEAL OF THE DAY: ARA Negotiates Sale of 17-Unit Student Housing Asset

Austin, Texas—Apartment Realty Advisors (ARA) has announced the sale of Rio Grande Square Apartments, a 17-unit community located in the heart of the University of Texas at Austin West Campus area.

Andrew Shih, director of private client services in ARA’s Austin office, represented the seller, Spearhead Rio Grand, LLC, in this deal and brokered the transaction between it and the buyer, a local owner/operator.

As of December 31, 2009, Rio Grande Square was 100 percent occupied.

“The community has carved a niche in the market as an affordable option to the numerous new developments scattered across West Campus,” says Shih. “Affordable one-bedroom apartments are not easy to find in the campus area.”

Located approximately one-quarter of a mile mile from the campus, the apartments are within walking distance to all of the University of Texas facilities, as well as numerous stores, restaurants and entertainment venues.

Rio Grande Square is a garden-style student property with recently completed renovations, including a new laundry facility, as well as upgrades to various kitchen cabinets and counters.

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