Business Digest: Austin Apartment Complex Gets New Ownership

Presidium Group LLC said it has acquired Balcones Club, a 312-unit apartment complex in Northwest Austin, and plans to make interior and exterior renovations.

Financial terms of the sale were not released. The property was previously owned by M & A Texas Balcones Ltd., and is adjacent to the Balcones Country Club, near Spicewood Springs Road and U.S. 183. Its 2016 appraised value is $30.6 million, according to the Travis Central Appraisal District.

The purchase is Presidium’s second acquisition in the area — the firm acquired Laurel Woods, a 150-unit property about a half mile away, in 2014 – and its 17th acquisition in the Austin market over the last four years.

Presidium recently received development permits on its nine-acre development site on East Riverside Drive, where it plans to break ground on a 354-unit multifamily project later this year.