December 14, 2018
Preferred Apartment Communities (PAC) ended its 11-year hold on McNeil Ranch, a 192-unit apartment complex on the north side of Austin. The Atlanta, GA-based investor sold the Class B apartment property to an unknown seller for $30 million.
“The sale of McNeil Ranch, our oldest multifamily asset, enables us to recycle capital into other strategic investment opportunities,” said PAC’s Jeff Sherman. The proceeds will be used for reducing the balance on its credit facility and acquisitions.
The property at 6280 McNeil Dr. delivered in 1999. McNeil Ranch offers one, two and three-bedroom units, ranging from 677 to 1,468 square feet. Amenities include a resort-style swimming pool, dog park, fitness center, courtyards with picnic areas and planned resident activities.
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