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Land And Balcones Club Apartments Sold In Austin
There is news of two big the conservation efforts started
purchases in Austin. The by Temple-Inland Inc. and will
first involves the purchase likely have to adhere to the same
of over 1.5 million acres of environmentally-conscious use of
timberland. Temple-Inland Inc. the land. During the deal,
sold the property to an affiliate Temple-Inland Inc. used Goldman,
of the Campbell Group. The Sachs & Co. and Citigroup Global
selling price was reportedly $2.4 Markets Inc. as financial
billion. 0.4 of the purchased advisors and Sutherland, Asbill &
acres are in Alabama, Louisiana, Brennan LLP as legal advisors.
and Georgia, but the bulk of the The Campbell Group LLC, used
purchase is located in East Morrison & Foerster LLP and
Texas. Temple-Inland Inc. is Schwabe, Williamson & Wyatt as
expected to make net cash legal advisors during the deal.
proceeds of $1.8 billion and is
expected to grant common In addition to the timberland
stockholders $1.1 billion, or purchase, another key purchase in
$10.25 per share after the the area occurred recently when a
purchase. Los Angeles-based company, M&A
Real Estate Partners, bought
The timberland agreement includes Balcones Club Apartments. The
a 12-year fiber saw timer supply 312-unit Balcones Club Apartments
agreement and a 20-year pulpwood were owned by Equity Residential
fiber supply agreement. In Properties Trust. The new
addition, affiliates of The investor hopes to renovate the
Campbell Group have promised to building, which is now 23 years
maintain Temple-Inland Inc.’s old. It is possible that the new
commitment to the environment. owners hope to turn this Class B
This likely means that the new apartment building into something
investors will have to continue a little more upscale. The 13
acres on 9218 Balcones Club Dr great views and there is a
are certainly a great investment fitness center available for
and a great place for tenants. tenants as well. Students in the
Currently, Balcones Club building attend Spicewood
Apartments features one- and Elementary, Canyon Vista Middle
two-bedroom units that span 464 School, and Westwood High School.
to 1,150 square feet each. Rents It will be interesting to see in
for the units range from a very the upcoming months what sort of
reasonable $506 to $859. upgrades and renovations the new
investors have planned for this
Balcones Club Apartments residential community. The
currently features a number of building, nestled between Highway
amenities that appeal to tenants. 183 and the Balcones Country Club
Corner fireplaces, wet bars, oak golf course, was 97% occupied at
cabinets, built-in microwave the time of the sale."
ovens, window seats, vaulted
ceilings and plenty of storage
room are just some of the
features of the residential units. In addition, the apartment type="text/javascript">
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