CONTI Makes 1st Austin Purchase
The company expanded its Texas holdings with the acquisition of the 268-unit Hillside Creek.
CONTI Org. has entered the Austin, Texas, market with the acquisition of Hillside Creek from Investors Capital Group. The seller had acquired the 268-unit community in 2014 from Ares Management, Yardi Matrix data shows. JLL had originated a $22.5 million Fannie Mae loan to finance the deal. CONTI has continued its Texas expansion from last year, when the company bought Waterford on the Meadow in Plano.
Located at 1730 E. Oltorf St., the gated community comprises one- and two-bedroom apartments ranging from 606 to 1,042 square feet. Completed in 1981 on an 8-acre site, the 17 two- and three-story buildings include common-area amenities such as a fitness center, pool, dog park and clubhouse. As of January, the property was 97 percent occupied, according to Yardi Matrix files.
Hillside Creek is adjacent to Interstate 35 and within walking distance of public transit, retail and dining options. The asset is 9 miles from downtown Austin and The University of Texas at Austin, as well as less than 4 miles from major tech employers such as Facebook and Google.