A view of the Zilkr on the Park complex at 1900 Barton Springs Road. Image credit: Mill Creek Residential.
We learned a couple of weeks ago that a new owner for Zilkr on the Park Apartments at 1900 Barton Springs Road plans to convert the complex to condos, with a public opening a week away.
All of this is kind of interesting for a few reasons. For one, if your memory stretches back that far, you’ll recall that condo units were actually in the original plan for the site. There was also a boutique hotel and bar/restaurant component planned for a while, until it wasn’t. The whole thing just kind of dried up and turned into apartments instead, which always felt like a bit of a missed opportunity for something interesting considering the exclusivity of the 1.5 acre site — you seriously can’t get any closer to Zilker Park than this.
A few of the floorplans for units at Zilkr on the Park. Image credit: Mill Creek Residential.
Here’s the nitty gritty: The five-story complex, which was completed in 2014, holds 213 units ranging from about 600 to 1,300 square feet, with one and two-bedroom floorplans available alongside studios. The original owner and builder was Mill Creek Residential Trust, LLC, a large developer with more than 17,000 apartment units under their belt and a lot of former Trammell Crow talent on staff, if you take a peek at their executive board. The new owners, incorporated under the name Zilkr Owner LLC, are associated with The Fallstaff Group, a Baltimore developer specializing in condo conversions around the country.
Interior views of some units at Zilkr on the Park. Image credit: Mill Creek Residential Trust.
The ABJ article about the acquisition mostly covers the details, although the headline calling them “high-profile” apartments seems … generous. The most distinguishing aspect of this building is its extreme proximity to the park — I probably wouldn’t have recognized the building if I hadn’t walked past it a million times on the way to the Austin City Limits Music Festival in recent years. But despite the fact that this community only opened a few years back, what’s going on here isn’t hugely different from a lot of the condo conversions we’ve seen in Austin before, right down to the new owner’s promises of luxury fixtures.
The buyer plans extensive renovations from a total makeover of the lobby, including the installation of white marble floors and modern Italian furnishings by Roche Bobois.
The Fallstaff Group is an interesting company, mostly due to its CEO, Elliott J. Sharaby. Self-described as the “King of Condo Conversions” in his bio, which you’ve really got to read for yourself. Sharaby’s career spans back decades, with this 1993 article describing his early days of apartment-condo flipping with developer Joel Gamel.
Here are some sample marketing materials from past sales efforts.
My favorite is either the motorcycle guy or the people in love because of her condo.
These ads are hilarious, but more importantly, they line up with the marketing techniques described in the 1993 article:
Adding to the hubbub was the use of a public address system inside units and in the public areas to announce sales contracts in between broadcasts of instrumental music. Red price tags were hung on the doors. Models were furnished down to everyday items, including fake Chinese food on the table.
Joel Gamel theorized that buyers in the blizzard “thought it was an auction.” Color advertisements featured the words “D.C. foreclosure sale,” along with a slightly erroneous map that showed the project on N Street one block off Pennsylvania, just around the corner from the White House.
“It wasn’t high pressure, but it was high energy,” he said of opening day.
The “public notice” and “closeout sale” vibe of the posters above begs the question: what kind of publicity blitz are we in for with Zilkr? It’s certainly a strange but clearly effective sales tactic, at least for those “distressed” properties that needed to sell quickly as described in that article.
That doesn’t seem to be the case for Zilkr, which by all appearances was at or near full occupancy, and had a recent property appraisal of $55 million.
Maybe Zilkr’s fortunate geography will save it from being marketed with the subtlety of a police auction. Of course, marketers should always be looking for inspiration.
Prices reported beginning in the low $300,000s.
Zilker Park homes for sale
-
$410,000
900 S Lamar BLVD #310
Austin, TX -
$419,000
1900 Barton Springs RD #5033
Austin, TX -
$825,000
1321 Spyglass DR #B
Austin, TX -
$1,249,000
2015 Ashby Ave #B
Austin, TX -
$1,290,000
2500 Briargrove DR
Austin, TX -
$824,900
1900 Barton Springs RD #3026
Austin, TX -
$825,000
909 Josephine ST
Austin, TX -
$500,000
1600 Barton Springs RD #5204
Austin, TX -
$895,000
1501 Barton Springs RD #230
Austin, TX -
$1,650,000
1611 Bauerle Ave
Austin, TX -
$670,000
1600 Barton Springs RD #2103
Austin, TX -
$1,950,000
1905 Kerr ST
Austin, TX -
$2,500,000
1907 Collier ST
Austin, TX -
$1,140,000
1000 Kinney Ave #A
Austin, TX -
$850,000
1205 Kinney Ave #1205J
Austin, TX -
$999,999
2013 Ashby Ave #B
Austin, TX -
$573,000
1135 Barton Hills DR #136
Austin, TX -
$3,950,000
1121 Bluebonnet LN
Austin, TX -
$3,990,000
2509 Ridgeview DR
Austin, TX -
$435,800
1205 Hollow Creek DR #201
Austin, TX -
$2,370,000
1700 Dywer Ave
Austin, TX -
$449,000
1205 hollow creek DR #202
Austin, TX -
$5,250,000
1302 Garner Ave
Austin, TX -
$1,895,000
1815 Brookhaven DR
Austin, TX -
$825,000
1708 Collier ST
Austin, TX
-
$410,000Lot Size1,351 sqft
Home Size856 sqft
Beds2 Beds
Baths1 Bath
-
$419,000Lot Size301 sqft
Home Size677 sqft
Beds1 Bed
Baths1 Bath
-
$825,000Lot Size5,389 sqft
Home Size1,923 sqft
Beds2 Beds
Baths1.5 Baths
-
$1,249,000Lot Size5,210 sqft
Home Size2,068 sqft
Beds3 Beds
Baths2.5 Baths
-
$1,290,000Lot Size9,584 sqft
Home Size1,996 sqft
Beds4 Beds
Baths2 Baths
-
$824,900Lot SizeN/A
Home Size1,296 sqft
Beds2 Beds
Baths2 Baths
-
$825,000Lot Size6,099 sqft
Home Size1,029 sqft
Beds2 Beds
Baths2 Baths
-
$500,000Lot SizeN/A
Home Size681 sqft
Beds1 Bed
Baths1 Bath
-
$895,000Lot Size4,034 sqft
Home Size1,537 sqft
Beds3 Beds
Baths2.5 Baths
-
$1,650,000Lot Size5,694 sqft
Home Size2,130 sqft
Beds3 Beds
Baths2.5 Baths
-
$670,000Lot Size719 sqft
Home Size1,117 sqft
Beds2 Beds
Baths2 Baths
-
$1,950,000Lot Size16,989 sqft
Home Size2,746 sqft
Beds3 Beds
Baths2.5 Baths
-
$2,500,000Lot Size7,502 sqft
Home Size3,182 sqft
Beds4 Beds
Baths4.5 Baths
-
$1,140,000Lot Size5,097 sqft
Home Size1,849 sqft
Beds3 Beds
Baths2.5 Baths
-
$850,000Lot Size3,211 sqft
Home Size2,089 sqft
Beds3 Beds
Baths3.5 Baths
-
$999,999Lot SizeN/A
Home Size2,077 sqft
Beds3 Beds
Baths2.5 Baths
-
$573,000Lot Size2,963 sqft
Home Size1,204 sqft
Beds2 Beds
Baths2 Baths
-
$3,950,000Lot Size7,184 sqft
Home Size3,694 sqft
Beds4 Beds
Baths5 Baths
-
$3,990,000Lot Size10,599 sqft
Home Size3,665 sqft
Beds4 Beds
Baths4.5 Baths
-
$435,800Lot Size7,597 sqft
Home Size664 sqft
Beds1 Bed
Baths1 Bath
-
$2,370,000Lot Size8,103 sqft
Home Size3,085 sqft
Beds4 Beds
Baths4.5 Baths
-
$449,000Lot Size7,406 sqft
Home Size672 sqft
Beds1 Bed
Baths1 Bath
-
$5,250,000Lot Size11,078 sqft
Home Size4,361 sqft
Beds5 Beds
Baths5.5 Baths
-
$1,895,000Lot Size14,506 sqft
Home Size2,642 sqft
Beds4 Beds
Baths3 Baths
-
$825,000Lot Size6,887 sqft
Home Size812 sqft
Beds2 Beds
Baths1 Bath
Leave a Reply