AUSTIN – Sterling Equities has purchased Zoey Apartments, a 306-unit luxury
community in the East Riverside neighborhood.
The project has 38 affordable units, a fitness area, pool, rooftop lounge,
bike storage facility, dog wash area, co-working spaces, and recreation areas.
The seller, Michaels Organization, developed the property for $59.2 million.
Leasing began early last month, and the community was 82 percent occupied at
the time of sale.
Berkadia arranged the transaction.
* [ _Texas Quarterly Apartment Report_](https://www.recenter.tamu.edu/articles/research-article/TexasQuarterlyApartmentReport-2242) * [Austin multifamily news](https://txrec.io/2PoQABe)
Source: Globe St.