LAS PALMAS APARTMENTS SOLD IN REO SALE
AUSTIN — ARA, a privately held, full-service multifamily investment advisory brokerage, has facilitated the sale of the 121-unit Las Palmas Apartments in southeast Austin. Located off Town Lake Circle Dr., the garden-style community sits on 3.3 acres and was foreclosed upon several months prior to the sale. During the sales process, the property was managed by a third-party manager and had a very low occupancy with rents comparable to other assets in the area. Duke Capital, a local private buyer, purchased the property.