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CREA Acquires Lake Shore Pearl Apartments

IPC Sells 230-Unit Multifamily Community in Austin
March 7, 2018
Cypress Real Estate Advisors (CREA), an investment firm headquartered in Austin, TX, acquired the 230-unit Lake Shore Pearl Apartments at 2223 Waterloo City Ln. from Oak Brook, IL-based Inland Private Capital Corp. (IPC). The price was not disclosed.

The seller originally acquired the property in 2015 for approximately $42 million, or roughly $183,000 per unit. IPC has sold 80 properties since the end of last year, including five multifamily properties with an aggregate sales price of more than $185.7 million.

The 196,494-square-foot multifamily complex was constructed in 2013 and is split into eight sections. The Lakeshore apartments feature a unit mix of 120 one-, 79 two-, and 10 three-bedroom floorplans, ranging in size from 517 to 1,480 square feet. Community features include a two-story clubhouse with outdoor lounge, swimming pool, fitness center, business center and theater.

Patton Jones of ARA Newmark brokered the transaction on behalf of the seller.

Please see CoStar COMPS #4145312 for more information on this transaction.
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