Cobalt Apartments (105 Units) in Austin, TX Closed Jan. 28, 2016
AUSTIN, TX – An Austin investment group purchased Cobalt Apartments Jan. 28th. The property traded at an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial, LLC represented the Seller, a partnership from Ohio in this transaction.
Located at 1616 Royal Crest Drive, Cobalt is in the very desirable Southeast / Riverside submarket minutes from downtown Austin, the ACC Riverside Campus, Lady Bird Lake, the University of Texas (main campus) and the Plaza Saltillo Station Redevelopment. Cobalt is within walking distance to the East Riverside Corridor which has experienced unprecedented redevelopment in recent years and is now lined with new upper-end multifamily construction, HEB Superstore, numerous retail establishments, music venues and Class “A” offices.
This property has a central resort-style swimming pool surrounded by palm trees; a beautifully decorated management office with second-level club room; three landscaped courtyards and barbecue areas; and two remodeled on-site laundry facilities. There is also a Wi-Fi Café for residents, as well as computer stations and a pet friendly community park. Recent improvements to the property included interior upgrades featuring new glass backsplashes, the installation of Google Fiber for residents, Frigidaire Energy Saver appliance packages, upgraded lighting, spacious walk-in closets and wall-to-wall plank faux wood flooring.Posted on Thursday, February 18, 2016