Beverly Offers Increased Rental Income Through Value-Add Upgrades

The Beverly, a 120-unit, value-add midrise apartment community located in the Red River Cultural District of downtown Austin, recently sold for an undisclosed price. An entity advised by Zurich Alternative Asset Management purchased the property from New York-based Arel Capital and Austin-based F&B Capital.

The asset, completed in 2009, offers the opportunity to increase rental income in the immediate future through value-add upgrades.

Located at 901 Red River St., the asset is the only residential option in Austin’s famous live music district, where it is surrounded by entertainment venues, restaurants and retail. It is also adjacent to downtown Austin’s new Innovation District, which encompasses The University of Texas at Austin’s Dell Medical School, newly redeveloped Waterloo Greenway and future multi-use developments on the old Brackenridge hospital site.

Charles Cirar, Michael Wardlaw and Colin Cannata with CBRE represented the seller. Zurich’s Luis Gordillo and Sean Bannon represented the buyer.