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BEE CAVE AND GEORGETOWN, TEXAS — AvalonBay Communities, a multifamily REIT based in Arlington, Virginia, has agreed to acquire Cielo and Retreat at Wolf Ranch, two properties located near Austin, for a combined purchase price of $193 million. The seller is BSR REIT, and the deal is expected to close in late March.
Cielo is a 554-unit community in Bee Cave, roughly 17 miles west of Austin. The property was constructed in 2015. Retreat at Wolf Ranch is located 30 miles north of Austin and was built in 2017. The community features 303 apartments.