Oak Creek Apartments (20 Units) in Round Rock, TX Closed Mar. 1, 2017
Round Rock, TX – An Austin investor purchased Oak Creek Apartments Mar. 1, 2017. The property traded at an undisclosed price. Daniel Elam of Muskin Commercial, LLC represented the Sellers in this transaction.
Located at 301 S. Burnet Street, The Oak Creek Apartments are situated just off Main Street near Downtown Round Rock’s Historic District which is currently undergoing revitalization. This area is north of Toll Road 45, which is home to such companies as Emerson and Dell, both with large campuses or headquarters in the area. This exciting submarket in the Austin MSA is ideal for renters and families. This area benefits greatly from the numerous high-tech companies and established single-family developments that have covered the landscape during the past 20 years. La Frontera is a 328-acre master planned mixed-use development which houses a variety of retail, office, multifamily and hospitality. New development on the last major land parcel within the mixed-use development will include a 400,000 +/- SF Class A office campus. Round Rock is considered one of the top school districts in this area. In the April 2015 edition of AustinMonthly, 22 Round Rock ISD schools were featured as among the best in the Austin area. Hwy 79 to the north is another major draw with economic drivers like the Round Rock Outlet Malls (with an abundance of retail), medical facilities (e.g. Scott & White, St. David’s) and Universities (e.g. Texas State University at Round Rock, Texas A&M Health Science Center).
This 20-unit community underwent recent renovations allowing the new Owner to benefit from more cosmetic upgrades, focusing on interior and management improvements to reach its potential. Highlights included installation of a 30-year composite roof and gutters, new AC units, exterior paint, laundry room renovation, foundation lift and stabilization, french drains along side of building and asphalt repairs. Rents are considered below market at $1.11/SF; yet upgrades and renovations, including the potential to add W/D connections in the 2BR units, provide room for rent growth. The property also included 0.40 +/-acres of vacant land.Posted on Monday, March 6, 2017