Sale sets new standard for garden-style multifamily projects
June 26, 2018
San Antonio, Texas – Today Casey Development Ltd. closed on the sale of Tacara at Steiner Ranch, a 246-unit luxury apartment property located in Northwest Austin. The buyer was TH Real Estate, an affiliate of Nuveeen Global Cities REIT, which is an investment management arm of TIAA. Terms of the sales were not disclosed.
Tacara at Steiner Ranch is located on the last available tract of land for multifamily within Steiner Ranch, Taylor Morrison’s 4,600-acre master-planned community in Northwest Austin. Built in 2017, Tacara features a 9,000-square-foot clubhouse with fitness and hydro-massage studios. Amenities also include a dog park with a dog-washing station, yoga spaces and an infinity-edge pool overlooking Lake Travis. Residents can also plug in their electric vehicles at car-charging stations inside 18 units on site. The project leased quickly to 98 percent with an average unit size of 959 square feet. There is a mix of one-, two- and three-bedroom units.
Darren Casey, president and founder of Casey Development, said “Tacara at Steiner Ranch is the most stunning multi-family property we have developed to date. It is truly a “best-in-class” project with amazing views of Lake Travis located in one of the most desirable communities in Austin, Steiner Ranch. We felt it was vital to work with the terrain and maximize all that this irreplaceable property has to offer. I believe that we achieved our goal”. Casey Development recently started construction on its newest multi-family development – Tacara at Westpointe Village – in New Braunfels, Texas.
Scott LaMontagne, Michael Gonzalez and Michael Furrow with Jones Lang Lasalle represented Casey Development in sale of the property located at 4306 N. Quinlan Park Road.