Los Angeles–based IMT purchases Riata apartment complex

"Riata is not your standard apartment community. They have any amenity any resident they could ask for," he said. "Everything you could ever need is in that community."

Elhabr said Austin has growth factors that attracted IMT, such as Apple Inc.'s plan to grow its Austin presence and add 3,600 employees. Apple's current site is located on Riata Trace Parkway, and the company plans to expand to adjacent land off Parmer Lane.

Elhabr said IMT does not plan to make any changes to the Riata property at this time. He also said he was unable to disclose how much IMT paid for the property.

IMT is a Los Angeles–based company that owns four other properties in Austin: IMT Wells Branch, IMT Rattan Creek, IMT Anderson Mill and IMT Monterey Ranch.

The company owns 70 properties with more than 21,375 units throughout Arizona, California, Florida and Texas.