Continental Realty Group has acquired Wildcreek Apartments a 232-unit community located in Austin, Texas. The firm purchased the property through subsidiary Continental Realty Assets Ltd. in a transaction that marked its first acquisition in the Austin market. A sale price was not disclosed.
Completed in 1984, the low-density, two-story Wildcreek Apartments offers 224 one- and two-bedroom units. Located at 1511 Faro Drive on the south side of Austin, the community was 65.5 percent occupied at the time of the transaction, according to Yardi Matrix information.
Apartments feature high-speed internet access, air conditioning, washer-dryer hookups, and walk-in closets. Private balconies or patios are offered in select residences. Common-area amenities include a clubhouse-leasing center, two swimming pools as well as a dog park, basketball court and laundry facilities.
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Following the transaction, CRA plans to lightly upgrade unit interiors and improve the property’s exterior and common areas.
Affordable price
The transaction wasn’t without its challenges. “The major challenge with the property was that it was overpriced and undercapitalized,” Robert Ireland, CRA’s chief investment officer told Multi-Housing News. “We allocated over $3.5 million in capital expenditures to improve the property while lowering rents at the same time, meeting the needs of renters in the area by providing quality housing at an affordable price.”
Wildcreek Apartments is located in the swiftly expanding East Riverside Corridor of Austin. The neighborhood provides residents with access to a number of the Austin area’s prominent job centers and shopping areas. The Parke Green and Riverside Place Shopping Centers can be accessed in walks of 14 and 19 minutes respectively.
Three transit stations are situated within a 7- to 10-minute drive, while the Austin commuter rail station is 11 minutes by car. There are five parks and recreational areas within a 4- to 11-minute drive. Austin-Bergstrom International Airport is a 19-minute drive.
According to data from Yardi Matrix, Austin is one of the nation’s top markets for construction. In November, AvalonBay Communities broke ground on Avalon Northwest Hills, a 252-unit central Austin property where first move-ins are slated for late 2027.
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