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West Lake Vistas Presents Value-Add Opportunity in Affluent Austin
West Lake Vistas, a 334-unit value-add multifamily property located at 7201 Ranch Rd. 2222 in Austin, recently sold for an undisclosed price to Hines. The property traded from The Connor Group and was 96 percent occupied at the time of sale.
Newmark’s Patton Jones and Andrew Dickson represented the seller in the transaction, and were involved in the prior sale of West Lake Vistas in 2016. Newmark’s Henry Stimler, Bill Weber and Ari Schwartzbard are facilitating the financing on behalf of the buyer.
“West Lake Vistas presented investors with a value-add opportunity in the affluent and highly desirable West Austin submarket,” said Jones. “As the cost of single-family housing continues to skyrocket in the Austin MSA, more renters are seeking highly amenitized luxury apartment communities, particularly in the Westlake area. Investors were attracted to West Lake Vistas’ incredible hilltop prominence spanning nearly 40 acres.”
Built in 2009, the property features a mix of one-, two- and three-bedroom units with an average unit size of 1,032 square feet.
- ◦Sale/Acquisition
