July 11, 2018
TH Real Estate, an affiliate of Nuveen Global Cities REIT, paid $47.9 million to developer Casey Development Ltd. for ownership rights of Tacara Steiner Ranch, a 246-unit Austin-area luxury apartment complex. Scott LaMontagne, Michael Gonzalez and Michael Furrow with JLL represented the seller.
The asset at 4306 N. Quinlan Park Rd. on Lake Travis sold for approximately $195,000 per unit, making it one of the higher-priced garden-style multifamily transactions in the Austin area, LaMontagne told the Austin Business Journal. “It’s going to help garden-style developers prove up the fact that they are going to exit these assets,” he said.
The San Antonio seller/developer is expecting to deliver another Tacara-branded apartment complex – the 209-unit Tacara at Westpointe Village in New Braunfels – in fall 2018.
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