Northshore, a 38-story luxury apartment tower in downtown Austin, has a new owner.
Los Angeles-based American Realty Advisors acquired the tiered tower overlooking Lady Bird Lake for an undisclosed price. American Realty Advisors is an institutional fund manager with more than $8.7 billion in assets under management.
High Street Residential, a subsidiary of Dallas-based Trammell Crow, and Houston-based Hanover Co. completed Northshore in 2016. Located at 110 San Antonio St., the building has 439 apartments, plus 52,083 square feet of retail and office space.
The apartments are 97 percent occupied and the office and retail space is fully leased.
“This is an extremely rare opportunity to acquire a premier luxury asset of exceptionally high quality in a rapidly expanding urban market that is poised for long-term growth,” Austin Maddux, executive vice president and deputy portfolio manager at American Realty Advisors, said in a news release.
When Northshore was put up for sale earlier this summer, marketed by CBRE, Real Estate Alert reported that the property was expected to attract bids of up to $325 million.
Northshore is in a part of downtown that continues to be transformed by new development, including residential, mixed-use, hotel and office projects, the latter of which have seen large leases signed by companies including tech giants Google and Facebook.