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Mill Creek Residential Buys 290-Unit TX Res Community

6/28/24

Boca Raton-based Mill Creek Residential acquired The Park on Brodie Lane, a 290-unit multifamily asset located at 6607 Brodie Lane in Austin, TX. The price was not disclosed.

Situated across 39 acres, The Park on Brodie Lane, now called Alister Sunset Valley, is 97% leased. The community offers a rich array of amenities, including a pool, an outdoor grill area, hammock lounges, a fitness center, a fenced dog park, sand volleyball and basketball courts and a clubhouse with a coffee bar and full kitchen. Recent renovations have enhanced nearly all units with modern finishes, with 20 apartment homes in Building 14 extensively upgraded.

Located less than six miles from downtown Austin, the community is in proximity to a strong labor pool and major employers such NXP Semiconductors, SHI International, Solar Winds and Yeti Coolers. The surrounding area is poised for growth, with plans for a 37-acre mixed-use development that will introduce 1,700 new residences, 1.26 msf of office space and 140k sf of restaurant and retail space just 2.2 miles from the property.

Patton Jones and Andrew Dickson with Newmark represented the seller, Charlotte-based Barings Real Estate, in the transaction. Matt Greer and Andrew Wilson, also with Newmark, secured the financing for the purchase.





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