230-Unit Lakeshore Pearl Trades Hands – Again

Inland Private Capital sold the 230-unit Lakeshore Pearl, a multifamily property in Austin’s East Riverside neighborhood. The apartment complex sold in an off-market transaction to Austin-based Cypress Real Estate Advisors for an undisclosed amount. ARA Newmark represented the seller, the second time in three years that the company’s Austin office handled the asset’s sale. ARA’s Pat Jones negotiated on behalf of the seller.

The seller, headquartered in Chicago, acquired the asset at 2223 Waterloo City Lane in 2015 from Greystar, the property’s developer. The complex opened in 2013 adjacent to The Waterfront, Oracle’s 560,000-square-foot, Class A office development. The technology campus recently completed phase one of construction, and is anticipated to house close to 3,000 employees, with thousands more projected.

“The construction of the Oracle campus is changing the entire submarket. New retail, office, and residential is on the rise, and it is creating a dynamic live, work, play environment,” Jones said.

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