An affiliate of Sterling Real Estate Partners announces the sale of Muir Lake Luxury Apartments, a Class A, resort-style residential community developed by the local iconic developer, Larry Peel, in the Northwest Austin, Texas suburb of Cedar Park. It is characterized by breathtaking lake views, Italianate architectural design featuring carved stone columns, barrel-tiled roofs, and limestone masonry.
“This is a one-of-a-kind property in an irreplaceable location,” said David Zeff, President of Sterling Real Estate Partners. “You don’t get that many opportunities like this in dynamic markets like Austin.”
This 332-unit, multifamily community is in a highly desirable location at 12600 Avery Ranch Blvd., close to major employment centers with prime retail and entertainment options. Austin is one of the most active commercial real estate markets in the nation and is one of the top cities for relocations and expansions. It has seen a 45 percent population growth since 2010 and the Cedar Park submarket enjoyed 7.5 percent rent growth in 2019.
Muir Lake Luxury Apartments sit along the southern shores of Muir Lake, and offers spectacular views and access to the lake. The community is part of the 189-acre Lakeline Park master plan, which includes trails along the lake, sport fields, water activities and festival/special event areas. Cedar Park was ranked as the 3rd Best Suburbs for Growing Families by GoBankingRates and the 9th Best Small City in America by Wallet Hub.
“Austin is a thriving market with a lot of capital flowing in and tremendous job growth,” added Zeff. “The property was 90 percent occupied at acquisition and our business plan was to stabilize occupancy and reposition this asset.”
Acquired in 2019, the property underwent nearly $1 million in value-add capital improvements including a remodeled clubhouse and fitness center, a water sports room with kayaks and paddleboards for residents as well as an outdoor fire pit lounge that overlooks the lake.
“We took the steps to modernize most of the common areas, and we enhanced a lot of the outdoor amenities,” Zeff said. “The goal was to create an atmosphere where residents could take advantage of and maximize the location on the lake.”
This transaction was brokered by the Walker & Dunlop team of Matt Pohl, Forrest Bass and Spencer Roy.