3 Austin-area apartment complexes under new ownership


Three Central Texas apartment complexes have changed hands.

Tacara Steiner Ranch, a 246-unit project at 4306 N. Quinlan Park Road in Steiner Ranch, sold for $47.9 million, according to securities filings.

TH Real Estate was the buyer; San Antonio-based Casey Development Limited was the seller.

JLL represented the seller in the transaction.

The complex was completed last year. Amenities include a dog park, infinity pool and spaces for yoga.

“The Tacara Steiner community is a high-quality luxury residential development deserving of institutional ownership,” JLL managing director Scott LaMontagne said. “It has superior amenities, is situated close to many of Austin’s top employers and offers residents stunning views of Lake Travis.”

The other transaction involves two Northwest Austin complexes: Westwood Apartments, at 12403 Mellow Meadow Drive, and Audubon Square, at 12425 Mellow Meadow Drive.

They were acquired from WW Apartments LP and Investors Capital Group, respectively, by a partnership consisting of JoCo Partners and The ValCap Group.

A purchase price was not disclosed. The Williamson Central Appraisal District valued Westwood Apartments at $13.3 million and Audubon Square at $13.9 million this year.

Plans call for the two complexes to be merged into a single, 316-unit property called The Lantern.

As part of the conversion, each apartment unit will be remodeled with high-end finishes. All three of the properties’ swimming pools will be upgraded, one of the apartment complex offices will be converted into a clubhouse and a dog park and dog-washing station will be added.



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