Recently Built 306-Unit Austin Apartment Property Acquired by Sterling Equities

The Michaels Organization built the recently completed Zoey for $59.2 million. Having just commenced renting out units, the rental community was 82% occupied at the time of the sale. The sales price was not disclosed.

The development is a mixed-income project, offering 38 of the 306 units to those who are at 80% of the area ADI. The property offers fitness area, rooftop lounge, a pool, bike storage and a dog wash.

Berkadia’s Kelly Witherspoon and Michael Gonzalez arranged the sale. Berkadia’s Witherspoon said the sale received a lot of interest, “The Zoey is an extremely well-built, type 1 constructed mid-rise that was very well received in the market by both private and institutional investors.” Earlier in 2022, the Michael’s Organization sold the 228-unit, 696-bed student housing community, Hill Country Place, near the University of Texas-San Antonio.