Avesta Goes With The Current
- Jul 18, 2016
Austin, Texas—The Current, a 300-unit community in Austin, has been acquired by Avesta Communities from Austin-based Thrive FP in an off-market deal. At the time of the sale, the community was 93 percent occupied.
Formerly known as Bluffs at Town Lake and Longhorn Station, the property will be rebranded Avesta South Shore. ARA Newmark arranged the transaction, the fourth time in eight years that it has sold the asset. Terms were not disclosed.
Executive Managing Director Andrew Shih and Senior Managing Director James Young represented Thrive FP. “Multiple sales of this property in the last few years are a testament to the rapid gentrification and growth of East Riverside and southeast Austin,” Shih said in a statement. “Avesta plans to build upon the momentum with extensive upgrades to unit interiors.”
The community is located at 2005 Willow Creek Drive in the Lakeshore District, minutes away from Oracle’s planned 560,000-square-foot campus, which will add 550 jobs and increase the firm’s local workforce 50 percent. Other employers in the area include TxDot, IRS, HomeAway, Facebook and the University of Texas.
“We are excited to be part of the East Riverside transformation,” said Joe Facchini, an Avesta partner, in a statement. “This area of Austin is booming with the mixed-used South Shore District and the planned 27-acre Oracle technology campus located a mile away from Avesta South Shore.”
“Austin is a strong Texas market with population and employment growth projections that significantly outpace the greater U.S.,” noted Rachel Ridley, an Avesta partner. “This growth is being driven primarily by the relocation of corporations to the city, a large millennial population, and rising homeownership costs. These factors are projected to keep market demand and occupancy high, even as developers rush to take advantage of Austin’s nation-leading fundamentals.”
The garden-style community was built in 1974 and offers studio, one- and two-bedroom homes. Amenities include an indoor sports court, electric vehicle charging stations, fitness center, swimming pool, picnic area and sand volleyball court.