Continental Realty Acquires 232-Unit Value-Add Austin Multifamily Community
Continental Realty Group acquired the Wildcreek Apartments, a 232-unit, 1984-vintage garden-style apartment community in South Central Austin. JLL Capital Market’s Investment Sales and Advisory team represented the seller, Bob Reeve. The team was led by Ryan McBride, Robert Wooten and Robert Arzola.
The community is at 1511 Faro Dr. in Austin’s Southeast Central submarket.
Wildcreek Apartments sits on 14.2 acres and features a mix of one and two-bedroom units averaging 660 square feet. The 153,120-square-foot multifamily community offers significant value-add potential with 100% of units unrenovated and current occupancy at 63%.
Community amenities include two swimming pools, on-site laundry facilities and expansive green spaces. The property presents substantial upside potential through strategic renovations to unit interiors, common areas and implementation of improved management practices.
“With the planned River Park development nearby and continued growth in East Austin, Wildcreek presents tremendous potential for appreciation in the years to come,” added Wooten.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout