TIAA Grabs Newly Built Austin Asset
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Casey Development offloaded the 246-unit Tacara Steiner Ranch, which opened in February. Following the sale, Pinnacle assumed management of the luxury property.
TH Real Estate—an affiliate of Nuveen, the investment manager of TIAA—has acquired Tacara Steiner Ranch, a newly constructed 246-unit luxury community in Austin, Texas. The new owner picked Pinnacle to manage the asset, according to Yardi Matrix. The seller, Casey Development, broke ground on the property in late 2015, and welcomed the first residents in February.
Located at 4306 N. Quinlan Park Road in Austin’s St. Edwards Park submarket, the garden-style community’s 10 buildings are positioned in a wooded area near the Mansfield Dam on the Colorado River. The 100,000-square-foot grocery-anchored Quinlan Crossing shopping center is situated nearby, offering residents a range of shopping options.
The community contains one-, two- and three-bedroom units, with an average apartment size of 959 square feet. The property’s amenity mix includes a resident country club, a dog park, a swimming pool and a fitness center. At the time of the sale, the asset was 98 percent leased, according to JLL.
A team led by Scott LaMontagne of JLL represented Casey Development in the sale.
Image courtesy of JLL