CBRE Represents Hamilton Zanze in the Sale of 600-Unit Multifamily Complex in Austin
- Jul 04, 2014
One of Austin’s huge apartment complexes located near the Central Business District has a new owner. The Retreat at Barton Creek has been acquired by Southern California-based Paydar Properties for an amount that remains undisclosed.
Charles Cirar, a Vice Chairman with CBRE Multifamily, represented the seller, San Francisco-based Hamilton Zanze and its joint venture partner NYL Investors. Hamilton Zanze acquired the 600-unit multifamily complex in 2007 and ever since it invested over $7 million in capital improvements such as 100 percent renovation of the units, modernizing the pool areas, and upgrading the property’s landscaping.
“We owned Barton Creek for just over seven years and executed on a capital improvement program that significantly enhanced the property’s appeal and operations,” says Kurt Houtkooper, Chief Investment Officer of Hamilton Zanze. “This transaction speaks to the strength of the Austin market and the high quality of the asset.”
The Retreat at Barton Creek was built in 1984 and occupies about 30 acres. At the time of the sale it was 95 percent occupied. Its location at 3816 South Lamar Boulevard makes it highly attractive to residents as well as its beautiful features, which includes two swimming pools, a clubhouse, a dog park, a 24-hour fitness center with free personal trainer and wonderful panoramic views and easy access to Barton Creek Greenbelt. Additionally, an 800-acre nature preserve running through the city is the perfect spot for hiking, biking, swimming, and other outdoor activities.