Posted: Fri, 8 Apr 2011 02:13 PM - 14,157 Readers

By: Austin Business Journal

A Fort Worth developer purchased 78 acres in Northwest Austin across from the Falconhead development.

Cielo Residential Partners LP bought the land at the corner of Ranch Road 620 and Falconhead Boulevard for an undisclosed amount. One online listing valued the property at about $7 million. Carter Breed, Phil Curran, Colin Armstrong and John McCambridge of CB Richard Ellis’s Austin Land Services Group represented the seller, an affiliate of Denver-based Amstar Group.

The property overlooks the Colorado River and Lake Austin below the Buchanan Dam, near the planned Lakeway hospital. Cielo will begin building multi-family units on the property by September, according to a press release.

The company did not say how many units will go on the property, but revealed most will have balconies and garages.

Read more: Developer buys 78 acres in Northwest Austin | Austin Business Journal