The Park at Stone Creek, Mission Hills Sold Through ARA Newmark
- Apr 19, 2016
Austin, Texas—ARA Newmark, a subsidiary of Newmark Grubb Knight Frank, announced the sale of two Austin multifamily properties: The Park at Stone Creek and Mission Hills, both located within 10 miles of Austin’s Central Business District.
For the sale of The Park at Stone Creek, Executive Managing Director Pat Jones represented the seller, Texas-based Bridgeview Real Estate. An affiliate of Turner Multifamily Impact Fund acquired the property at an undisclosed price.
The Class B garden-style community was built in the early 1980s on an 18-acre lot located at 9200 N. Plaza Drive, near I-35 and Rundberg Lane. The 420-unit Park at Stone Creek offers seven floor plans averaging 750 square feet and amenities such as a fitness center, onsite jogging trail and greenbelt with stream, playground, picnic area, disc gold course, bark park, lighted sport court and two swimming pools.
“The property is in excellent condition but it has not been fully updated,” said Jones in a prepared statement. “There was a tremendous amount of private and institutional investor interest due to the value-add opportunity as well as the gentrifying northeast Austin location.”
Employers located within a 5-mile radius of the community include Samsung, Apple, eBay, Dell, IBM and Emerson, collectively offering 151,606 jobs.
In the Mission Hills transaction, Executive Managing Directors Pat Jones and Andrew Shih represented the sellers—AMH I Associates Ltd. and Austin Mission Hills Associates II Ltd. The buyer, F&B Capital, did not disclose the financial details. The property was 95 percent occupied at the time of the deal.
The 344-unit community sits on 21.24 acres at 2900 Sunridge Drive. The property is displayed on three stories and was built in two phases—Phase I in 1999 and Phase II in 2001. Mission Hills offers five floor plans averaging 831 square feet and features 9-foot ceilings, large windows, built-in bookcases, oversized closets and patios. Community amenities include a lounge area, beverage bar, fitness center and swimming pool.
“Mission Hills was sought after by institutional and private investors pursuing a ‘90s vintage, value-add opportunity”, stated Jones. “Investors were drawn to the property’s rapidly gentrifying location in southeast Austin.” Shih added, “The property was in good shape but interiors original from construction were prime for an upgrade.”
Large employers in the area include Freescale, HomeAway, Mass Relevance, Cirrus Logic, Silicon Laboratories and Zilliant Software.