Investors Purchase Class A Apartment Complex At Mueller Community

EAST AUSTIN, TX -- The Mosaic at Mueller is now in good hands, with Allstate.That’s how investors see it, after an apartment complex within the innovative community was sold on behalf of the insurance giant.

CBRE Global Investors’ U.S. Managed Group has acquired, on behalf of Allstate, The Mosaic at Mueller, a 441-unit complex at the Mueller community in East Austin. The purchase price for the Class A property was not disclosed.

Located at 4600 Mueller Road, the apartment community is within the 771-acre, mixed-use Mueller Redevelopment.

The community has been used as a model for housing, with high-end homes in the midst of more affordable units reserved for lower-income tenants. The control tower rising from the center of the development serves as landmark for the site, but also a tangible reminder of the site’s former use as a municipal airport.

Once completed, the Mueller redevelopment will consist of more than 4 million square feet of office and retail space, 5,700 residences and 140 acres of residential amenities. Investors also note the units themselves are outfitted with granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes.

The area features an 1,800-square-foot fitness center, two pools, five courtyards with grilling areas, garage parking and 8,669 feet of retail space that is currently fully leased.

The residential area is located two miles from the University of Texas at Austin and four miles from the central business district.

City of Austin officials have lauded the development as an award-winning, public-private partnership between the city and developers.

“Over the last 20 years, a clear community plan emerged for the old airport -- a vision that will create a vibrant, mixed-use community, with residential neighborhoods, retail and offices,” the city touts on its website.

Formally adopted in 2000, the Robert Mueller Municipal Airport Reuse Plan took an underused piece of land and transformed it into an “urban village” in the heart of Austin, city officials note.