199-Unit Triple Crown 2 Sells to Cali Buyer

Orion Real Estate Partners closed on the acquisition of the 199-unit Triple Crown 2 Apartments, a garden-style, workforce apartment complex in Austin. The Los Angeles-based buyer struck a deal with 1212 Westheimer LLC, which was traced to Shippy Property Management of Austin. The property, situated on 7 acres, is at 1212 Westheimer Dr. on Austin’s northeast side. The sales price was undisclosed, with the property assessed at $13.2 million

The asset delivered in 1973, and Orion plans to spend approximately $1.8 million to improve the property’s exterior and amenities, as well as to renovate the unit interiors. The occupancy is listed as 96%, according to an HFF flyer. The flyer also noted that the previous owner completed upgrades to approximately 20% of the units. Meanwhile, CBRE provided a 10-year, fixed-rate acquisition loan through the Fannie Mae Green Financing loan program.

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