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You are here: Home / Condo Projects / Counting Down to Condo Conversion at Zilkr on the Park Apartments
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Counting Down to Condo Conversion at Zilkr on the Park Apartments

James Rambin June 5, 2017 Comment

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.

– Austin Business Journal

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 Washington Post

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.  

www.zilkronthepark.com

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  • $850,000 1708 Collier ST
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1600 Barton Springs RD #3406
Austin, TX
Photo of 1600 Barton Springs RD #3406, Austin, TX 78704 (MLS # 8767520)
$669,500
Lot Size
610 sqft

Home Size
935 sqft

Beds
2 Beds

Baths
2 Baths

1823 Spillman ST
Austin, TX
Photo of 1823 Spillman ST, Austin, TX 78704 (MLS # 6393037)
$1,050,000
Lot Size
7,419 sqft

Home Size
1,124 sqft

Beds
3 Beds

Baths
2 Baths

2111 Peach Tree ST
Austin, TX
Photo of 2111 Peach Tree ST, Austin, TX 78704 (MLS # 4779455)
$2,198,000
Lot Size
5,750 sqft

Home Size
2,162 sqft

Beds
3 Beds

Baths
2.5 Baths

1615 Nash Ave
Austin, TX
Photo of 1615 Nash Ave, Austin, TX 78704 (MLS # 2741940)
$2,400,000
Lot Size
6,317 sqft

Home Size
2,448 sqft

Beds
4 Beds

Baths
3.5 Baths

1717 Bluebonnet LN
Austin, TX
Photo of 1717 Bluebonnet LN, Austin, TX 78704 (MLS # 3506191)
$875,000
Lot Size
6,796 sqft

Home Size
1,380 sqft

Beds
N/A

Baths
N/A

1600 Barton Springs RD #4205
Austin, TX
Photo of 1600 Barton Springs RD #4205, Austin, TX 78704 (MLS # 3911039)
$735,000
Lot Size
719 sqft

Home Size
1,117 sqft

Beds
2 Beds

Baths
2 Baths

1505 Garner Avenue
Austin, TX
Photo of 1505  Garner Avenue, Austin, TX 78704 (MLS # 7394462)
$1,125,000
Lot Size
7,005 sqft

Home Size
N/A

Beds
N/A

Baths
N/A

2401 Trailside DR #A
Austin, TX
Photo of 2401 Trailside DR #A, Austin, TX 78704 (MLS # 6945064)
$1,950,000
Lot Size
N/A

Home Size
2,139 sqft

Beds
3 Beds

Baths
3 Baths

1405 Garner Ave
Austin, TX
Photo of 1405 Garner Ave, Austin, TX 78704 (MLS # 2231071)
$973,000
Lot Size
6,922 sqft

Home Size
1,036 sqft

Beds
2 Beds

Baths
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1604 Nash Ave #A
Austin, TX
Photo of 1604 Nash Ave #A, Austin, TX 78704 (MLS # 1222793)
$1,680,000
Lot Size
6,491 sqft

Home Size
2,200 sqft

Beds
4 Beds

Baths
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1240 Barton Hills DR #210
Austin, TX
Photo of 1240 Barton Hills DR #210, Austin, TX 78704 (MLS # 3558181)
$320,000
Lot Size
1,503 sqft

Home Size
761 sqft

Beds
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900 S Lamar Boulevard #307
Austin, TX
Photo of 900 S Lamar Boulevard #307, Austin, TX 78704 (MLS # 8716814)
$399,999
Lot Size
1,342 sqft

Home Size
856 sqft

Beds
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Baths
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2624 Deerfoot TRL
Austin, TX
Photo of 2624 Deerfoot TRL, Austin, TX 78704 (MLS # 9429540)
$5,300,000
Lot Size
11,849 sqft

Home Size
4,313 sqft

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4 Beds

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1705 Collier ST
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Photo of 1705 Collier ST, Austin, TX 78704 (MLS # 1879768)
$2,695,000
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9,540 sqft

Home Size
3,314 sqft

Beds
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Baths
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1810 Hether ST
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Photo of 1810 Hether ST, Austin, TX 78704 (MLS # 7781381)
$1,645,000
Lot Size
11,026 sqft

Home Size
2,646 sqft

Beds
5 Beds

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4 Baths

1505 Dexter Street
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Photo of 1505  Dexter Street, Austin, TX 78704 (MLS # 7940954)
$990,000
Lot Size
7,001 sqft

Home Size
1,212 sqft

Beds
2 Beds

Baths
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1600 Barton Springs RD #2203
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Photo of 1600 Barton Springs RD #2203, Austin, TX 78704 (MLS # 5261279)
$710,000
Lot Size
741 sqft

Home Size
1,117 sqft

Beds
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1206 Garner Avenue
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Photo of 1206  Garner Avenue, Austin, TX 78704 (MLS # 2837005)
$1,400,000
Lot Size
6,970 sqft

Home Size
1,097 sqft

Beds
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Baths
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1600 Barton Springs Rd #2306
Austin, TX
Photo of 1600 Barton Springs Rd #2306, Austin, TX 78704 (MLS # 8516170)
$499,900
Lot Size
N/A

Home Size
743 sqft

Beds
1 Bed

Baths
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1900 Barton Springs RD #1036
Austin, TX
Photo of 1900 Barton Springs RD #1036, Austin, TX 78704 (MLS # 2806937)
$599,000
Lot Size
449 sqft

Home Size
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Beds
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1900 Barton Springs Road #4023
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Photo of 1900  Barton Springs Road #4023, Austin, TX 78704 (MLS # 6946756)
$435,000
Lot Size
310 sqft

Home Size
698 sqft

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1804 Ford ST
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Photo of 1804 Ford ST, Austin, TX 78704 (MLS # 7423185)
$3,099,000
Lot Size
7,436 sqft

Home Size
3,087 sqft

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1208 Garner Avenue
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Photo of 1208  Garner Avenue, Austin, TX 78704 (MLS # 5982831)
$3,999,000
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14,375 sqft

Home Size
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1702 Brookhaven DR
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Photo of 1702 Brookhaven DR, Austin, TX 78704 (MLS # 2444253)
$4,999,000
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13,765 sqft

Home Size
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1708 Collier ST
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Photo of 1708 Collier ST, Austin, TX 78704 (MLS # 2304656)
$850,000
Lot Size
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Home Size
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  • 1600 Barton Springs RD #3406
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    Photo of 1600 Barton Springs RD #3406, Austin, TX 78704 (MLS # 8767520)
    $669,500
    Lot Size
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    Home Size
    935 sqft

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  • 1823 Spillman ST
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    Photo of 1823 Spillman ST, Austin, TX 78704 (MLS # 6393037)
    $1,050,000
    Lot Size
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    Home Size
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    Beds
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    Baths
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    Photo of 2111 Peach Tree ST, Austin, TX 78704 (MLS # 4779455)
    $2,198,000
    Lot Size
    5,750 sqft

    Home Size
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    Beds
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    Baths
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  • 1615 Nash Ave
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    Photo of 1615 Nash Ave, Austin, TX 78704 (MLS # 2741940)
    $2,400,000
    Lot Size
    6,317 sqft

    Home Size
    2,448 sqft

    Beds
    4 Beds

    Baths
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  • 1717 Bluebonnet LN
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    Photo of 1717 Bluebonnet LN, Austin, TX 78704 (MLS # 3506191)
    $875,000
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    6,796 sqft

    Home Size
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    Beds
    N/A

    Baths
    N/A

  • 1600 Barton Springs RD #4205
    Austin, TX
    Photo of 1600 Barton Springs RD #4205, Austin, TX 78704 (MLS # 3911039)
    $735,000
    Lot Size
    719 sqft

    Home Size
    1,117 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 1505 Garner Avenue
    Austin, TX
    Photo of 1505  Garner Avenue, Austin, TX 78704 (MLS # 7394462)
    $1,125,000
    Lot Size
    7,005 sqft

    Home Size
    N/A

    Beds
    N/A

    Baths
    N/A

  • 2401 Trailside DR #A
    Austin, TX
    Photo of 2401 Trailside DR #A, Austin, TX 78704 (MLS # 6945064)
    $1,950,000
    Lot Size
    N/A

    Home Size
    2,139 sqft

    Beds
    3 Beds

    Baths
    3 Baths

  • 1405 Garner Ave
    Austin, TX
    Photo of 1405 Garner Ave, Austin, TX 78704 (MLS # 2231071)
    $973,000
    Lot Size
    6,922 sqft

    Home Size
    1,036 sqft

    Beds
    2 Beds

    Baths
    1 Bath

  • 1604 Nash Ave #A
    Austin, TX
    Photo of 1604 Nash Ave #A, Austin, TX 78704 (MLS # 1222793)
    $1,680,000
    Lot Size
    6,491 sqft

    Home Size
    2,200 sqft

    Beds
    4 Beds

    Baths
    3.5 Baths

  • 1240 Barton Hills DR #210
    Austin, TX
    Photo of 1240 Barton Hills DR #210, Austin, TX 78704 (MLS # 3558181)
    $320,000
    Lot Size
    1,503 sqft

    Home Size
    761 sqft

    Beds
    1 Bed

    Baths
    1 Bath

  • 900 S Lamar Boulevard #307
    Austin, TX
    Photo of 900 S Lamar Boulevard #307, Austin, TX 78704 (MLS # 8716814)
    $399,999
    Lot Size
    1,342 sqft

    Home Size
    856 sqft

    Beds
    2 Beds

    Baths
    1 Bath

  • 2624 Deerfoot TRL
    Austin, TX
    Photo of 2624 Deerfoot TRL, Austin, TX 78704 (MLS # 9429540)
    $5,300,000
    Lot Size
    11,849 sqft

    Home Size
    4,313 sqft

    Beds
    4 Beds

    Baths
    3.5 Baths

  • 1705 Collier ST
    Austin, TX
    Photo of 1705 Collier ST, Austin, TX 78704 (MLS # 1879768)
    $2,695,000
    Lot Size
    9,540 sqft

    Home Size
    3,314 sqft

    Beds
    4 Beds

    Baths
    3.5 Baths

  • 1810 Hether ST
    Austin, TX
    Photo of 1810 Hether ST, Austin, TX 78704 (MLS # 7781381)
    $1,645,000
    Lot Size
    11,026 sqft

    Home Size
    2,646 sqft

    Beds
    5 Beds

    Baths
    4 Baths

  • 1505 Dexter Street
    Austin, TX
    Photo of 1505  Dexter Street, Austin, TX 78704 (MLS # 7940954)
    $990,000
    Lot Size
    7,001 sqft

    Home Size
    1,212 sqft

    Beds
    2 Beds

    Baths
    1 Bath

  • 1600 Barton Springs RD #2203
    Austin, TX
    Photo of 1600 Barton Springs RD #2203, Austin, TX 78704 (MLS # 5261279)
    $710,000
    Lot Size
    741 sqft

    Home Size
    1,117 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 1206 Garner Avenue
    Austin, TX
    Photo of 1206  Garner Avenue, Austin, TX 78704 (MLS # 2837005)
    $1,400,000
    Lot Size
    6,970 sqft

    Home Size
    1,097 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 1600 Barton Springs Rd #2306
    Austin, TX
    Photo of 1600 Barton Springs Rd #2306, Austin, TX 78704 (MLS # 8516170)
    $499,900
    Lot Size
    N/A

    Home Size
    743 sqft

    Beds
    1 Bed

    Baths
    1 Bath

  • 1900 Barton Springs RD #1036
    Austin, TX
    Photo of 1900 Barton Springs RD #1036, Austin, TX 78704 (MLS # 2806937)
    $599,000
    Lot Size
    449 sqft

    Home Size
    1,019 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 1900 Barton Springs Road #4023
    Austin, TX
    Photo of 1900  Barton Springs Road #4023, Austin, TX 78704 (MLS # 6946756)
    $435,000
    Lot Size
    310 sqft

    Home Size
    698 sqft

    Beds
    1 Bed

    Baths
    1 Bath

  • 1804 Ford ST
    Austin, TX
    Photo of 1804 Ford ST, Austin, TX 78704 (MLS # 7423185)
    $3,099,000
    Lot Size
    7,436 sqft

    Home Size
    3,087 sqft

    Beds
    4 Beds

    Baths
    3.5 Baths

  • 1208 Garner Avenue
    Austin, TX
    Photo of 1208  Garner Avenue, Austin, TX 78704 (MLS # 5982831)
    $3,999,000
    Lot Size
    14,375 sqft

    Home Size
    3,844 sqft

    Beds
    4 Beds

    Baths
    5 Baths

  • 1702 Brookhaven DR
    Austin, TX
    Photo of 1702 Brookhaven DR, Austin, TX 78704 (MLS # 2444253)
    $4,999,000
    Lot Size
    13,765 sqft

    Home Size
    4,531 sqft

    Beds
    5 Beds

    Baths
    5.5 Baths

  • 1708 Collier ST
    Austin, TX
    Photo of 1708 Collier ST, Austin, TX 78704 (MLS # 2304656)
    $850,000
    Lot Size
    6,887 sqft

    Home Size
    812 sqft

    Beds
    2 Beds

    Baths
    1 Bath

Previous Next
 

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Filed Under: Condo Projects Tagged With: 78704, apartments, condos, conversions, zilker

About James Rambin

James is an Austin native and fifth-generation Texan, but tries not to brag about it. Email him anything at james@towers.net.

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