The foreclosed Sweetwater residential development has been acquired by a real estate investment company. The residential development property is considered as one of Austin Texas’ biggest foreclosures for 2010. It was announced on Tuesday that the real estate company Wheelock Street Capital LLC, who acquired the Sweetwater expects the construction and attract homebuilders for the residential development property by the middle of 2011.
After just a month after it was foreclosed by a bank is considered a fast purchase. This mirrors the rumored fact that Austin is attracting considerable numbers of investors despite the City’s slower home sales, fewer new projects on the line, and higher commercial and residential foreclosures.
Wheelock Street Capital LLC and the bank have disclosed the value of the foreclosed Sweetwater residential development.
As part of the company’s marketing strategy, Wheelock renamed the property as The Canyons of Sweetwater.
The company will continue with the property’s original developer to construct 1,600 full build out residential units.
Sweetwater’s original developer Bill Gun with his associates spent millions on the project but did not get a sale, not even one lot sold out of 1,540 lots, that is the reason why Bank Midwest foreclosed the property.
Wheelock Street Capital’s principal Dan Green said that this would not be the last acquirement by the company in Austin area. He also said that the City is having a lot of exposures among investors like his real estate firm nationally.
Green also said that Sweetwater residential development is inline with the company’s investment strategy.
The 1,000-acre Sweetwater residential development project is located at 71 near Bee Creek Road Austin, Texas.