Domain Communities Enters Austin, Buys 300-Unit Iron Rock Ranch
Domain Communities LLC, headquartered in Houston, made its first Austin buy with the 300-unit Iron Rock Ranch. The investor acquired the 17-year-old apartment complex at 1215 W. Slaughter Lane from Independence Realty Trust (IRT) in Philadelphia.
Charles Cirar, Michael Wardlaw, and Colin Cannata negotiated on behalf of the seller. MF1 in New York City provided acquisition financing, arranged by CBRE’s John Fenoglio. The Tipton Group, based in Dallas, will manage the property.
“It was impossible to ignore the dynamics of the Austin market,” said Domain Communities’ James Golden. “Two weeks after signing the purchase contract for Iron Rock Ranch, the Urban Land Institute named Austin the number-one real estate market in the country, out of the top 80 markets.”
The property consists of 216 apartment units and 84 townhomes, situated on 22 acres. Amenities include a fitness center, two swimming pools, a clubhouse, playground and basketball and volleyball courts.
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