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Austin, Two Big Austin Real Estate Purchases At Bull Creek
by Kinan Beck
"Austin based Ardent Residential and Atlanta-based Post Properties have purchased almost five acres of land in a highly desirable area for redevelopment. The two companies, working in partnership, bought up Kingswood Apartments and Bull Creek Townhomes. Bull Creek Townhomes at 4320 Bull Creek Road is a 140-unit residential community. Kingswood Apartments is a 32-unit community situated at 4318 Bull Creek Rd. The two buildings were purchased in two separate deals, apparently as part of a plan to scrape and rebuild.
The new Alexan City Lights apartment complex, a Class-A complex of homes, has been purchased by Los Angeles-based SCI Real Estate Investments LLC. The building was completed only last year by Trammell Crow Residential and Opus West Corp. According to Travis County tax records, the property at 501 East Stassney Lane has a value of $33 million. At the time of the deal, Alexan City Lights was 96% leased. According to reports, the sale was brokered by Apartment Realty Advisors.
Alexan City Lights received a great deal of press last year, when it was built near Congress Avenue in South Austin. This upscale apartment development has many amazing amenities, including remote-controlled limited entry, paved entrance, a coffee bar, a high-tech fitness center that is open 24 hours, a business in conference and center that boasts computers copiers and faxes, a resort style pool, a veranda area, a built in barbecue, and outdoor fireplace, a carport, and an attached parking garage. All common areas of the building include wireless Internet access, and most resident entries have ceramic tile. Most residences include side-by-side refrigerators, built in microwave ovens, gourmet island kitchens, designer cabinets and countertops, faux hardwood floors, vaulted ceilings, crown moldings, large closets, ceiling fans, and large utility rooms. Residence units boast Satina Whirlpool appliances, private patios, linen closets, garden tubs, marble sink vanities, walk-in closets, multiple cable and phone lines, and much more. For truly comfortable urban living, Alexan City Lights certainly delivers with lots of space and a great modern style. The building is comfortable and modern and has all the amenities needed for a modern family or couple.
Lease terms for the apartments are a minimum of 12 months. This three-story building has central air-conditioning and is conveniently located close to a number of good schools, including Pleasant Hill Elementary School, Bedichek Middle School, and Crockett High School. Pets are allowed in the building with no damage deposits or fees. SCI Real Estate Investments LLC certainly brought a building with lots of potential and a good location. The low vacancy rate will only help the investors. At this time it is unknown whether any major renovations are planned, but it will certainly be interesting to see what long-term plans SCI Real Estate Investments LLC has for Alexan City Lights."
About The Author: Kinan Beck is the Broker and co-owner of One Source Realty in Austin Texas. Visit Kinan’s http://www.kinanbeck.com Guide, visit his http://www.ericbramlett.com website.
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You may want to try these websites for additional information
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The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
"Austin based Ardent Residential and Atlanta-based Post Properties have purchased almost five acres of land in a highly desirable area for redevelopment. The two companies, working in partnership, bought up Kingswood Apartments and Bull Creek Townhomes. Bull Creek Townhomes at 4320 Bull Creek Road is a 140-unit residential community. Kingswood Apartments is a 32-unit community situated at 4318 Bull Creek Rd. The two buildings were purchased in two separate deals, apparently as part of a plan to scrape and rebuild.
The new Alexan City Lights apartment complex, a Class-A complex of homes, has been purchased by Los Angeles-based SCI Real Estate Investments LLC. The building was completed only last year by Trammell Crow Residential and Opus West Corp. According to Travis County tax records, the property at 501 East Stassney Lane has a value of $33 million. At the time of the deal, Alexan City Lights was 96% leased. According to reports, the sale was brokered by Apartment Realty Advisors.
Alexan City Lights received a great deal of press last year, when it was built near Congress Avenue in South Austin. This upscale apartment development has many amazing amenities, including remote-controlled limited entry, paved entrance, a coffee bar, a high-tech fitness center that is open 24 hours, a business in conference and center that boasts computers copiers and faxes, a resort style pool, a veranda area, a built in barbecue, and outdoor fireplace, a carport, and an attached parking garage. All common areas of the building include wireless Internet access, and most resident entries have ceramic tile. Most residences include side-by-side refrigerators, built in microwave ovens, gourmet island kitchens, designer cabinets and countertops, faux hardwood floors, vaulted ceilings, crown moldings, large closets, ceiling fans, and large utility rooms. Residence units boast Satina Whirlpool appliances, private patios, linen closets, garden tubs, marble sink vanities, walk-in closets, multiple cable and phone lines, and much more. For truly comfortable urban living, Alexan City Lights certainly delivers with lots of space and a great modern style. The building is comfortable and modern and has all the amenities needed for a modern family or couple.
Lease terms for the apartments are a minimum of 12 months. This three-story building has central air-conditioning and is conveniently located close to a number of good schools, including Pleasant Hill Elementary School, Bedichek Middle School, and Crockett High School. Pets are allowed in the building with no damage deposits or fees. SCI Real Estate Investments LLC certainly brought a building with lots of potential and a good location. The low vacancy rate will only help the investors. At this time it is unknown whether any major renovations are planned, but it will certainly be interesting to see what long-term plans SCI Real Estate Investments LLC has for Alexan City Lights."
About The Author: Kinan Beck is the Broker and co-owner of One Source Realty in Austin Texas. Visit Kinan’s http://www.kinanbeck.com Guide, visit his http://www.ericbramlett.com website.
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Return to the selection of austin
You may want to try these articles on business
Austin, Apartment Hunting 101: Your Leasing Agent by Kinan Beck Approximately 559 Words
Austin, Apartments 101: What Is An Apartment Locator? by Kinan Beck Approximately 651 Words
Austin, Leasing Apartments: What You Need To Know Before Signing by Kinan Beck Approximately 675 Words
Austin, Building A Home That You Love… That Will Bring A Profit Later by Kinan Beck Approximately 651 Words
Austin, Condominium Living: Purchasing Group Insurance Coverage For Your Condo by Kinan Beck Approximately 599 Words
Austin, Real Estate 101: Consider This Before Buying Your New Home by Kinan Beck Approximately 654 Words
Austin, Austin Texas Real Estate: Green & Child-proof by Kinan Beck Approximately 439 Words
You may want to try these websites for additional information
http://en.wikipedia.org/wiki/Austin,_Nevada
http://www.austintexas.org/
http://www.ci.austin.tx.us/austinairport/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
