Three Apartment Communities Up For Sale in Austin

By Camelia Bulea, Associate Editor CB Richard Ellis Inc. recently announced that three large apartment complexes–Club Creek, Wildwood and Village at Riverdale–totaling 660 units, are up for sale. The three properties are offered without a price and put to sale through receivership. [...]

CB Richard Ellis Inc. recently announced that three large apartment complexes–Club Creek, Wildwood and Village at Riverdale–totaling 660 units, are up for sale.

The three properties are offered without a price and put to sale through receivership. Club Creek, Wildwood and Village at Riverdale, which are part of a national portfolio of 20 properties, are available for sale individually as well as collectively. The Hayman Co. is the manager of the portfolio, while CBRE is the exclusive disposition adviser that is marketing the portfolio.

Austin is considered to be one of the best multifamily markets in the U.S., but the city’s single-family market is also doing well, according to a report by the Austin Board of Realtors. The data from this report indicates that Austin residents bought more homes in July than they did a year ago.

In July, more than 1,970 single-family homes were sold, which represents a 32 percent increase compared to the same month of the previous year. The total value of the homes sold in July was approximately $524.5 million, with a median price having dropped to $196,750, or a decline of 11 percent from July 2010.

Currently, there are 9,393 single-family homes on the market, of which 2,808 are new. According to the Austin Board of Realtors, 20 percent fewer homes hit the market in July compared to the same month of the last year.