Security Properties Lands Austin Community
With its latest acquisition, on the heels of a recent expansion, the firm cemented its presence in the city.
Brightleaf at Lakeline. Image courtesy of Security Properties
In an off-market transaction, real estate investment firm Security Properties has acquired the Brightleaf at Lakeline apartment community in Austin, Texas. Completed this year, the Class A property is situated in the attractive Cedar Park neighborhood.
Brightleaf at Lakeline features 304 apartment units distributed across three mid-rise structures and five carriage-style buildings on a 12.3-acre parcel. The one- and two-bedroom apartments average 880 square feet in size. Among the features and finishes are kitchen pantries, faux wood flooring in living and wet areas, carpeted bedrooms, spacious closets and 9- to 10-foot-high ceilings. A 24-hour fitness center with on-demand virtual trainers is a high point of the amenity offerings.
Pivotal location
Situated 17 miles north of downtown Austin, Brightleaf at Lakeline offers convenient access to the area’s top schools and a number of Austin’s largest employers.
The Northwest Austin market houses the greatest concentration of office space in the Austin MSA. With more than 16.5 million square feet of office space and plenty of area talent, this corridor has been a focus for a number of technology firms in recent years, with Apple representing the most notable corporation. Apple is now building a new 3-million square-foot campus only 5 miles south of Brightleaf at Lakeline. State Farm Insurance also has a regional service center in the area, and Amazon, eBay-PayPal and Visa operate corporate locations within the northwest Austin submarket.
Residents of Brightleaf at Lakeline also benefit from access to the super-regional Lakeline shopping district, which is bisected by prime transportation arteries Interstate 183 and State Highway 45. Approximately 5 million square feet of retail exists within a 1.5-mile radius of Brightleaf at Lakeline, putting residents within convenient distance of Lakeline Mall, Lakeline Market, Lakeline Plaza and Parkline Shopping Center. Last month, Security Properties paid $33 million for an Inland Empire apartment community.
