JV Acquires 332-Unit Luxury Community in Northwest Austin
- Jan 18, 2019
Austin’s charm is a magnet for investors nationwide. Sterling Real Estate Partners—a joint venture formed of Los Angeles-based Barker Pacific Group and Pacific Real Estate Partners of Phoenix, Ariz.—expanded its presence in Central Texas with the acquisition of Muir Lake Apartments, a 332-unit luxury community located in Northwest Austin, Texas.
According to Yardi Matrix data, Sterling acquired the asset from a joint venture between Larry Peel Co. and a fund managed by DRA Advisors. The new owner plans to modernize the property and update the common area amenities.
“Muir Lake is our fifth acquisition in Central Texas and will be an excellent addition to our portfolio. We look forward to initiating our business plan, and enhancing this high-quality property,” Sterling Principal David Zeff said in a prepared statement.
Lakeline Park access
The 20-building Class A property was built in 2014 on more than 46 acres at 12600 Avery Ranch Blvd. and is part of the 189-acre Lakeline Park master plan, which includes trails along the lake, open play fields, water activities and festival areas. The unit mix at Lake Muir consists of one- and two-bedroom units featuring above standard ceiling height, dual-pane glass and private balconies/patios. Amenities at the community include a fitness center, business center, clubhouse, community room, swimming pool, spa, outside storage and 549 parking spaces.
“We’re excited to expand our presence in Austin, one of the fastest growing cities in the country,” added Michael Barker, Sterling principal. “Muir Lake is in a beautiful location, and there is a great opportunity to take advantage of the city’s strong market conditions.”
Image courtesy of Sterling Real Estate Partners