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Houston-Based Peak Real Estate Management Buys Promesa Apartments In West Austin

ARA Newmark announces the sale of Promesa, a 289-unit luxury community in affluent west Austin, surrounded by scenic Texas hill country. Promesa, one of the capital city’s first eco-friendly complexes, was approximately 93 percent occupied at closing.
 
Austin-based Vice Chairman Pat Jones represented an undisclosed seller and procured Peak Real Estate Management, a Houston-based real estate investment and management company, as the buyer for an undisclosed price.

Promesa apartments in West Austin has a new owner. Houston-based Peak Real Estate Management purchased the 289-unit Class-A community from an undisclosed seller. 

Promesa was one of the first apartment complexes in Austin to participate in the Austin Energy Green Building Program, which prioritizes land preservation and energy conservation. Each unit utilizes effective building practices for energy and water.

Amenities include a resort-style pool (above), cabana lounge seating, outdoor cooking stations, a demonstration kitchen, a media room and a business center.

ARA Newmark vice chairman Pat Jones repped the seller and procured the buyer. Jones said the property gained interest from private owners and investors because of its setting, school district and expensive single-family homes.