Three large Austin apartment communities totaling 660 units are up for sale, according to CB Richard Ellis Inc.

Austin Business Journal

Date: Friday, August 19, 2011, 2:59pm CDT - Last Modified: Friday, August 19, 2011, 3:06pm CDT 

They include Club Creek, Wildwood and Village at Riverdale. The properties are part of a national portfolio of 20 properties in California, Colorado, Texas, Florida Virginia, Georgia and South Carolina.

Austin is known now for having one of the best multifamily markets, from an owner and investor perspective. Occupancy and rates are high because not a lot of new product has been added during the downturn, yet Austin continues to add residents and many find it difficult to buy a home.

The three properties that are hitting the market now are being offered for sale through receivership. Bids are due to CBRE by September 14. The assets are offered unpriced.

The properties are available individually or collectively and are being sold free and clear of debt obligations. The sale is being directed by the court-appointed receiver. The portfolio is under management of The Hayman Co.

CBRE is the exclusive disposition adviser that is marketing the portfolio. The CBRE team is represented locally by Charles Cirar, vice chairman of the multihousing division.