Investment Highlights
Landmark at Barton Creek located on an irreplaceable greenbelt site within Austin’s most prestigious zip code. Just three miles from the city’s dynamic CBD, the asset is located off MoPac Expressway (Loop 1) along Spyglass Drive on a tree-lined site that backs up to the Barton Creek Greenbelt. The asset’s 78746 zip code encompasses Austin’s most affluent neighborhoods including Rollingwood, Westlake Hills, and Barton Creek. There is over 1.5 million square feet of office space located within walking distance of the property at the Barton Skyway and Barton Oaks office parks. Intel’s 120,000 square foot Austin headquarters are located directly across MoPac Expressway from the property and house 1,700 employees. Additionally, the community resides in the Barton Springs Aquifer Recharge Zone, one of the most environmentally sensitive areas in Austin. The combination makes it nearly impossible to develop new multifamily housing in the immediate area and has limited affordable rental options along this highly desirable corridor.
Property Highlights
The 298-unit property was built in 1979 and features one and two-bedroom floorplans. All floorplans at the property have porches or balconies.
Roughly 50% of the homes at the property were left in in classic condition by prior ownership. TruAmerica plans to renovate all remaining 138 apartment homes with anticipated upgrades including vinyl flooring, quartz countertops with undermount sinks, upgraded lighting/plumbing fixtures, stainless steel appliances, and upgraded white cabinetry. Additionally, TruAmerica will install Nest© Thermostats in 100% of the homes and washer & dryer machines in remaining 54% of the homes. TruAmerica also plans to conduct a full renovation of the clubhouse and fitness center, as well as make other upgrades to the amenities and exterior.
Community Amenities
