JLL Capital Markets announced that it has arranged the sale of Wildcreek Apartments, a 232-unit, 1984-vintage garden-style apartment community located in South Central Austin.
JLL represented the seller, Bob Reeve. The buyer was Continental Realty Group.
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. Unit interiors feature open floor plans with carpet and vinyl plank flooring, electric appliances and individual HVAC systems. The property presents substantial upside potential through strategic renovations to unit interiors, common areas and implementation of improved management practices.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Ryan McBride, Senior Managing Director Robert Wooten and Managing Director Robert Arzola.
“Wildcreek Apartments represented a rare opportunity to acquire a value-add multifamily asset in one of Austin’s most dynamic submarkets,” said McBride. “The property’s proximity to major employers, outdoor recreational amenities like Butler Hike and Bike Trail, and the broader Austin metropolitan area made it an attractive opportunity for the buyer.”
“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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
