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.
The Texas Real Estate Research Center
has more news like this online for free:
* [ _Texas Quarterly Apartment Report_](https://www.recenter.tamu.edu/articles/research-article/TexasQuarterlyApartmentReport-2242) * [Austin multifamily news](https://txrec.io/2PoQABe)
Source: Globe St.