Continental Realty Group Acquires Wildcreek Apartments From Bob Reeve In Austin For 232 Units
1511 Faro Drive
Building Size
15,312 SF
Asset Type
MultiFamily
Closing
Aug 15, 2025
AI
The sale involved the 232-unit Wildcreek Apartments located at 1511 Faro Drive in South Central Austin. The property encompasses 153,120 square feet on a 14.2-acre site and was built in 1984. It is currently 63% occupied and presents full value-add potential as all units are unrenovated.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not specified
- Units: 232
- Square Footage: 153,120
- Acres: 14.2
- Buyer: Continental Realty Group
- Seller: Bob Reeve
- Brokers: Ryan McBride, Robert Wooten & Robert Arzola - JLL
JLL Capital Markets facilitated the sale between seller Bob Reeve and buyer Continental Realty Group, providing expertise in closing the transaction of this multifamily asset.
Players
Austin MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93