Argosy Real Estate Partners Exits Lake Creek Apartments
Argosy Real Estate Partners III, L.P. and its parallel funds (together “AREP III”) sold its interest in Lake Creek Apartments to a regional owner operator. Lake Creek is a 350-unit, 1984-vintage, garden-style property located in the Northwest submarket of Austin.
In December 2016, AREP III acquired Lake Creek Apartments as part of the larger Austin Multifamily Portfolio alongside the Fund’s co-investor and operating partner, InvestRes. Together, the partnership successfully completed an exterior capital improvement program, including upgrades to the property exterior and amenities, and renovation of select unit interiors.