Posted: Thu, 23 Sep 2010 04:20 PM - 12,378 Readers

By: Austin Business Journal

Nalle Woods, a 238-unit, Class A apartment complex in Northwest Austin, was sold by its developer to a new undisclosed owner in an all-cash transaction, the Dallas office of Holliday Fenoglio Fowler LP announced Wednesday.

The 267,376-square-foot property sits on 24 acres at 4700 N. Capital of Texas Highway at the Lake Austin Bridge in Austin.

Completed in 2004, the property has one- and two-bedroom units that feature condominium-esque finishes including stainless steel appliances, granite countertops and vaulted ceilings. Community amenities include a clubhouse, fitness center, swimming pools with waterfall and water volleyball, business center, billiard room and spa with steam room.

HFF’s investment sales team represented the seller, Larry Peel & Co., who built the project. HFF’s team was led by senior managing director Bill Miller and managing director Roberto Casas.

The buyer, only described as institutional investors, were advised by J.P. Morgan Asset Management – Global Real Assets. The investor group purchased the property for an undisclosed price on an all cash basis, Miller said.

“Nalle Woods was awarded ‘Austin’s Best Apartment Community’ by the Austin Business Journal and is truly a top-of-the-line apartment community that offers great views of Lake Austin and the Texas Hill Country,” Miller said in a statement. “Both parties, Larry Peel & Co. and J.P. Morgan, did a great job moving towards a closing in less than 35 days.”

In 2005, Nalle Woods received $24.25 million in refinancing. GMAC Commercial Mortgage Corp. arranged the fixed-rate financing through Nationwide Life Insurance.

Larry Peel & Co. is an Austin-based company with more than 30 years of experience in building multi-family projects. This summer, the company started construction on its latest project and its first in San Marcos, a 286-unit apartment complex spanning 23 acres near the corner of Wonder World and Dutton drives. Construction is expected to take about a year with leasing slated next summer.