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For the fourth time since 2008, ARA Newmark negotiated the sale of a 300-unit multifamily property called The Current, once known as Bluffs at Town Lake. This time around, the property was sold to Avesta for an undisclosed price. At close of escrow, The Current was 93% occupied.
ARA Newmark executive managing director Andrew Shih says the fast pace of sales on the property “are a testament to the rapid gentrification and growth of East Riverside and southeast Austin.” Avesta plans extensive upgrades to unit interiors.
Perched mere minutes from the highly anticipated Oracle campus in the Lakeshore District, The Current prides itself on offering the largest fitness center in southeast Austin. It was originally constructed in 1974 and features studio, one- and two-bedroom apartments.
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