By Anca Gagiuc, Associate Editor
Austin, Texas—The Mosaic at Mueller apartment community is now in good hands with new owner Allstate. The apartment complex within the larger, transit-oriented Mueller community was acquired by Allstate through CBRE Global Investors’ U.S. Managed Accounts Group. The financial details of the transaction were not disclosed. The asset was 96 percent occupied at the time of the sale.
The Mosaic at Mueller is a Class A, 441-unit mid-rise apartment community in East Austin, located at 4600 Mueller Road. It is part of the 711-acre mixed-use Mueller Redevelopment which is set to encompass more than four million square feet of office and retail space, 5,700 residences and 140 acres of recreational amenities including parks, biking and hiking trails, lakes, and a golf course. With easy access to the I-35, the community is just a few miles away from the University of Texas, the Texas State Capitol and the city’s Central Business District.
“Led by robust technology sector hiring, Austin is a national leader in job growth and boasts one of the lowest unemployment rates in the country,” said Jeffrey Torto, senior managing director at CBRE Global Investors. “Employers are attracted to the area’s highly educated labor force, lower cost of doing business, business-friendly tax environment, and expanding cluster of industry-leading technology firms. These trends are expected to continue over the next five years and will continue to support strong rental demand.”
Mosaic offers one- to three-bedroom units ranging in size from 680 to 1,701 square feet. The property features wrap-style construction and contemporary high-end unit finishes, including granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes. Community amenities include a 1,800-square-foot fitness center, two swimming pools, five courtyards with grilling areas, garage parking, and 8,669 square feet of fully leased ground-floor retail. Minor cosmetic improvements are planned for the common areas.
“The Mosaic at Mueller is a strong addition to our portfolio based on both the property’s high quality and Austin’s ongoing growth,” said Edgar Alvarado, head of real estate equity at Allstate. “In Austin and other areas of the country, we also continue to see strong demand for apartments with desirable amenities that are close to recreation areas, shopping and workplaces.”
Image courtesy of Steinberg Design Collaborative