AUSTIN, TEXAS (Jan. 31, 2017) — Austin-based multifamily developer Oden Hughes LLC has closed on the sale of its 276-unit South Austin community Lenox Creekside to Vancouver, B.C. – based Pure Multi-Family REIT LP.
Located immediately west of I-35 about 10 miles south of downtown Austin, the 13-acre Lenox Creekside community was completed in 2016 and features one, two and three-bedroom apartments with resort-style amenities.
This is the fourth Class A+ community in South Austin that Oden Hughes has developed, built and sold in the last five years. The company’s fifth project in the area, the 660-unit Lenox Springs community, is currently under construction with the first 400 units scheduled to open in the fall of this year.
“South Austin continues to be a top destination for renters who seek luxury living near retail amenities but are priced out of downtown and other closer-in areas,” said Steve Oden, founding principal of Oden Hughes. “Healthy leasing activity and the solid overall performance of these properties have made the area popular with investors as well.”
HFF Senior Managing Director Sean Sorrell and his team represented Oden Hughes in the transaction.
Lenox Creekside is the first Austin acquisition for Pure Multi-Family REIT, a Canadian REIT that focuses on institutional quality U.S. multifamily properties.
“We are very excited to add Lenox Creekside to our portfolio,” said Pure-Multi-Family CEO Steve Evans. “The acquisition marks our entry into the vibrant and growing Austin market.”
About Oden Hughes LLC
Oden Hughes LLC is an Austin-based multifamily development, construction and property management company that focuses on Class A properties in the Austin, San Antonio, Dallas, Fort Worth and Houston markets. The company also offers value-add investments, design-build services, and general contracting. Founded in 2010, the firm focuses on multifamily development, construction and management in major Texas markets.