ARA Arranges Sale of 300-Unit Apartment Complex in Austin

AUSTIN — ARA has arranged the sale of Bluffs at Townlake, a 300-unit apartment community in Austin. Andrew Shih of ARA Austin represented the seller, The Lighthouse Group, which is based out of Pacific Palisades, Calif. Austin-based Thrive FP, a real estate investment firm specializing in debt and equity transactions, was the buyer. The property was acquired through a Wells Fargo/Fannie Mae loan assumption led by Sheri Stettner of Wells Fargo. Thrive FP was able to add a sizeable supplemental loan at closing. Built in 1974, Bluffs at Townlake is a garden-style apartment community that includes efficiency, one- and two-bedroom units. Amenities include a sand volleyball court, indoor basketball court, a health and fitness center, a dog park and an urban oasis pool. The property is also within walking distance of Lady Bird Lake as well as the Roy Butler hike and bike trail. Occupancy was 97 percent at the time of sale.