Longview, Texas, Apartments Sold; Transaction Arranged by James-Myers Multifamily of Marcus & Millichap

LONGVIEW, TEXAS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Misty Ridge, a 176-unit apartment property located in Longview, TX, according to Craig R. Swanson, regional manager of the firm’s Austin office.

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Joe James Vice President Investments, Kent Myers Vice President Investments, and Matthew Yarbrough, investment specialist in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a regional investment company, was secured by Joe James, Kent Myers and Matthew Yarbrough.

“Demand for quality apartment assets in Texas’ secondary markets has never been stronger as investment activity in the major markets continues to be extremely competitive,” says Myers.

Completed in 1979, Misty Ridge is a quality apartment community consisting of 176 units, located at 301 West Hawkins Parkway in the strong secondary market of Longview, Texas. The property boasts a wide array of appealing community amenities including a sparkling swimming pool with a water fountain, a tennis court, and much more.

For additional investment information, please contact:

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

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SOLD: 112 LIHTC Apartments in San Angelo, Texas

realestate-investment-multifamily-property-for-sale-Bent-Tree-LIHTC-San-Angelo-texas-462x330SAN ANGELO, TEXAS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bent Tree, a 112-unit apartment property located in San Angelo, TX, according to Craig R. Swanson, regional manager of the firm’s Austin office. The asset sold for an undisclosed amount.

Joe James and Kent Myers, Vice President Investments in the firm’s Austin Office along with Robert Sheppard, Armand Tiberio and Spencer Hurst, investment specialists with the Marcus and Millichap Tax Credit Group  had the exclusive listing to market the property on behalf of the seller, a limited partnership.  The buyer, a partnership, was secured by Joe James, Kent Myers, Robert Sheppard, Armand Tiberio and Spencer Hurst

Bent Tree, 112 unit multifamily complex, was constructed in 1999 and placed under the Low Income Housing Tax Credit (LIHTC). This property is located at 1625 Sunset Drive in San Angelo, TX.  Its prime location makes commuting easy and convenient to all residents. Situated along Sunset Drive, the community is close to several stores, restaurants and services.

For additional investment information, please contact:

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

Garden Path Apartments For Sale in North Austin

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Recently Upgraded North Austin Apartments

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Garden Path, a recently upgraded infill asset off of Research Boulevard (Highway 183) in north Austin, Texas, is available on a cash to existing note basis.

AUSTIN, TEXAS – Garden Path is an excellently maintained 44-unit apartment building located right off of Highway 183 in north Austin. The property offers 30 one-bedroom and 14 two-bedroom units. Residents of Garden Path enjoy access to a nicely maintained swimming pool, onsite laundry facilities, and a central courtyard equipped with barbecue pits and a playground. The property was constructed in 1984 and has a two-story brick/wood siding exterior and pitched roofs. Historically, Garden Path has maintained a strong occupancy rate, at 95% and above.

The North Central Austin apartment submarket showed a six percent growth through 2014. This growth is evident in several surrounding properties which have been upgraded and have achieved substantial increases in rents. Overall effective rents in Austin are projected to grow by another six percent in 2015.

Convenient Access to Major Highways: Garden Path is located just one block north of Highway 183 and one block west of Interstate 35, two major traffic arteries that provide excellent mobility throughout Austin. This convenient location allows residents easy access to Austin’s various employment centers, shopping, schools, and restaurants. Garden Path is located within close proximity to the Arboretum and Arboretum Market, the Domain, Gateway Shopping Center, and Arbor Walk, as well as a number of movie theaters.

Convenient Location for Commuters: Nearby employers include but are not limited to Dell Computers, Seton Hospital Northwest, North Austin Diagnostic Center, IBM, Balcones Research Center, MCC, Time Warner, Freescale, National Instruments, State Farm Insurance, HEB Grocery, Walmart, Sears, Lowe’s, Home Depot, Costco, Sam’s Wholesale Club, Super Target, and Whole Foods. Residents of Garden Path benefit from the property’s convenient location offering mobility through nearby access to Highway 183, Mopac, Interstate 35, and Capital of Texas Highway (Loop 360).

Cash to Existing Note: This investment opportunity is being offered on a cash to existing note basis.

For the complete Offering Memorandum, please sign the Garden Path  Confidentiality Agreement, or read more at our website.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

J.R. Ellis | j.r.ellis@marcusmillichap.com | 512-338-7832

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

240 Units For Sale in Houston, Texas

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Northbrooke Apartments Built in 2003

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Northbrooke Apartments in Houston, Texas, features extensive community amenities including a resort-style pool, putting green, sand volleyball court, barbeque grills, spacious courtyards, and a fitness center.

HOUSTON, TEXAS – Northbrooke is located in the Champions East submarket of Houston, Texas. Situated on 12.6 acres, the property was constructed in 2003. The 240-unit asset is comprised of one, two and three bedroom units, totaling 236,739 rentable square feet. Six spacious floor plans range in size from 714 to 1,375 square feet. The units feature dishwashers, garbage disposals, mini blinds, crown molding, select units with fireplaces, pool views, washer and dryer connections, dishwashers, ice makers, pantries, ceiling fans and walk-in closets. Community amenities include a resort-style pool, putting green, sand volleyball court, barbeque grills, spacious courtyards, and a fitness center. Residents enjoy easy access to nearby shopping, churches, and several recreational parks. As a professionally maintained asset, Northbrooke offers an investor long term stability and future rent growth potential. The growing Champions East Submarket has strong expectations for population growth in the next five years, projected at 11.9% for the three-mile radius. With close proximity to a range of employers mostly in the retail, healthcare services, this property provides a convenient commute to work with access to freeways and public bus routes.

Major Market Economy

The location of Northbrooke is attractive to potential renters employed throughout the Houston MSA. With a population of 6.22 million, the MSA maintains one of the lowest unemployment rates in the United States at 4.2% (May 2015) while the national average remains 5.5%. Given continuing positive economic and demographic trends, Houston remains largely attractive market for jobseekers. As one of the fastest growing metros in the nation, the city is expected to add more than 62,000 jobs in 2015. The city is an international hub for trade and business with three airports creating the sixth largest airport system in the world. The city ranks number three in the nation among cities with the most Fortune 500 companies, 21 of which call Houston home. Houston’s status as a global leader in the energy sector has served to protect it against the effects of a national recession. Industry growth continues to drive commercial development in Health Care, Research, Professional Services, Medical Research and Technologies.

Financing

This investment opportunity is being offered subject to assumption of a HUD loan.

For the complete Offering Memorandum, please sign the Northbrooke Confidentiality Agreement.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Matt Yarbrough | myarbrough@marcusmillichap.com | 512-338-7858

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

RealShare Conference Series Comes to Austin on June 2, 2015

Join Kent Myers of James-Myers Multifamily at the Inaugural RealShare Austin Event Where Industry Leaders Discuss the Dynamics of Commercial Real Estate in the Capital City

AUSTIN, TEXAS – Over 250 elite real estate decision-makers will gather in the capital city to discus the strength of Austin as an investment opportunity both nationally and internationally.

Kent Myers of The James-Myers Multifamily Team of Marcus & Millichap will serve as moderator to a panel discussion on “Investment Opportunities: Capital from Near and Far” at the RealShare Austin event at the W Hotel on June 2.

Other panels topics include “Local Leaders Roundtable: Austin Past, Present and Future,”  “Office Space: The Changing Landscape,” and “Development Downtown: The Domain and Eastern Expansion.” The keynote address will be given by Clay Johnston, Dean of Dell Medical School at The University of Texas.

Get your tickets for RealShare Austin, and join us for a great networking opportunity and local market knowledge.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

Texas Apartments Available Individually or as a Two-Property El Paso Portfolio

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Mountaindale Apartments

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Mountaindale is available individually or as a two-property portfolio with Sundial in El Paso, Texas.

El PASO, TEXAS – Moutaindale is an attractive infill asset located within one-half mile of The University of Texas at El Paso, with an annual enrollment of over 23,000, and approximately one block from Las Palms Rehabilitation Hospital. The asset is comprised of 88 total units constructed in 1986 and contains one and two bedroom units ranging from 518 to 714 square feet. The property boasts scenic views, mature landscaping, two swimming pools, a resident clubhouse, playground, three onsite laundry facilities, and a quiet neighborhood living environment. Interiors feature newly renovated units, spacious closets, dishwashers and disposals, private patios or balconies, ceramic tile in select units, ceiling fans, and mini-blinds. Mountaindale is available individually, or as part of a two-property portfolio with Sundial Apartments.

Strong Secondary Market Dynamics

Surrounding local economic drivers include a plethora of retailers, including Target, Office Depot, and Bassett Place Mall, which includes an IMAX Theatre. Within easy driving distance is McKelligan Canyon Park & Amphitheater, Fort Bliss Golf Course and Franklin Mountain State Park. El Paso Community College Transmountain Campus is nearby. The location of the property near high-traffic commuter highways, its proximity to the growing population of Fort Bliss, and the demographic profile of the area, all provide strong market fundamentals and the potential for long-term value appreciation of the asset.

Excellent Employment Drivers

Mountaindale is near Fort Bliss Army Base, home to the 1st Armored Division and the Army’s second largest installation. Fort Bliss provides a constant impact on El Paso’s demand for high quality rental housing. Approximately 60% of Fort Bliss soldiers currently reside off base, and Mountaindale is conveniently located to the base. Additionally, the city of El Paso serves as the economic center of West Texas and is ranked in the top five largest manufacturing cities in the nation. Two of El Paso’s largest employers, high tech giants Hewlett-Packard and Automatic Data Processing, increased their workforces last year, and plan to hire more this year. Overall job growth is expected to continue to increase over the near future. The asset benefits from numerous nearby employment centers and continued expected job growth, both promising continued demand for housing units, and strong future occupancy rates.

Strong Multifamily Submarket

Mountaindale is situated in a highly sought after area of El Paso, which has boasted significant growth and strengthening demographics. Properties similar to the subject have experienced an average occupancy rate of 95 percent, while rents are currently $0.94 per square foot. With strong employment and the influx of new soldiers to Fort Bliss driving demand for multifamily housing, Sundial’s location will continue to be one the most prized rental areas in El Paso, providing the investor long-term stability, strong future rent growth potential and excellent value appreciation.

Financing

The asset is being offered on an all cash basis allowing for unrestricted financing options.

For the complete Offering Memorandum, please sign the Mountaindale Confidentiality Agreement, or read more at our website.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

112-Unit Multifamily Investment Asset in the Heart of El Paso, Texas

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Sundial Apartments

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This asset is available individually or as part of a two-property portfolio with Mountaindale Apartments in El Paso, Texas.

El PASO, TEXAS – Sundial is an attractive infill asset situated in the heart of central El Paso, Texas. The property is located at the confluence of the highly traveled US Highway 180, Interstate 10 and Patriot Freeway (State Highway 54) allowing for ease of access to the greater El Paso area. Sundial is comprised of 112 total units built in four phases; the first 40 units were completed in 1971, 34 units were constructed in 1972, eight in 1984, and 30 were built in 1992. The property boasts scenic views, mature landscaping, two swimming pools, a resident clubhouse, playground, three onsite laundry facilities, and a quiet neighborhood living environment. Interiors feature newly renovated units, spacious closets, dishwashers and disposals, private patios or balconies, ceramic tile in select units, ceiling fans, and mini-blinds.  Sundial is available individually, or as part of a two-property portfolio with Mountaindale Apartments.

Strong Secondary Market Dynamics

Surrounding local economic drivers include a plethora of retailers, including Target, Office Depot, and Bassett Place Mall, which includes an IMAX Theatre. Within easy driving distance is McKelligan Canyon Park & Amphitheater, Fort Bliss Golf Course and Franklin Mountain State Park. El Paso Community College Transmountain Campus is nearby, and The University of Texas at El Paso is within only 15 miles. The location of the property near high-traffic commuter highways, its proximity to the growing population of Fort Bliss, and the demographic profile of the area, all provide strong market fundamentals and the potential for long-term value appreciation of the asset.

Excellent Employment Drivers

Sundial is near Fort Bliss Army Base, home to the 1st Armored Division and the Army’s second largest installation. Fort Bliss provides a constant impact on El Paso’s demand for high quality rental housing. Approximately 60% of Fort Bliss soldiers currently reside off base.  The city of El Paso serves as the economic center of West Texas and ranks in the top five largest manufacturing cities in the nation. Two of El Paso’s largest employers, high tech giants Hewlett-Packard and Automatic Data Processing, increased their workforces last year, and plan to continue hiring. Overall, job growth is expected to continue to increase over the near future. Sundial benefits from numerous nearby employment centers and continued expected job growth, both promising continued demand for housing units, and strong future occupancy rates.

Strong Multifamily Submarket

Sundial is situated in a highly sought-after area of El Paso, which boasts significant growth and strengthening demographics. Properties similar to the subject have experienced an average occupancy rate of 93 percent, while rents are currently $0.91 per square foot. With strong employment and the influx of new soldiers to Fort Bliss driving demand for multifamily housing, Sundial’s location will continue to be one the most prized rental areas in El Paso, providing the investor long-term stability, strong future rent growth potential and excellent value appreciation.

Financing

The asset is being offered on an all cash basis allowing for unrestricted financing options.

For the complete Offering Memorandum, please sign the Sundial Confidentiality Agreement, or read more at our website.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

Stable North Lamar Asset Available for Sale in Central Austin

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Nelray Apartments

realestate-investment-multifamily-property-for-sale-Nelray-Austin-Texas -462x330AUSTIN, TEXAS – Nelray Apartments is a well maintained Austin asset built in 1983. The property contains a mix of one bedrooms and two bedrooms with a total of 12 units. The building is a two-story brick construction with hardi plank siding and a pitched roof. Residents enjoy access to a central gated courtyard shaded by mature trees and shrubbery as well as an onsite laundry facility. The historical occupancy rate at nearly 100 percent indicates the desirability of the property’s convenient location and quality.

Convenient Location for Students and Professionals

With quick access to both the University of Texas campus as well as many of Austin’s large employment centers, Nelray is a viable living option for both students and professionals. The building sits among office warehouse and similar small multifamily developments creating a quiet, cozy haven for residents. Just off of North Lamar Boulevard, the property is within walking distance to various retail and restaurants and is within ten minutes of The University of Texas and downtown Austin. Just one-half block from a stop on Capital Metro Bus system’s north to south route, residents enjoy excellent mobility through Austin’s core.

Desirable Infill Austin Core Asset

As Austin’s population and job growth continue to be among the highest in the nation, demand for apartments continues to strengthen. In 2014, Austin experienced an overall rent growth of 6.9 percent, the highest on record since 2001. Continued demand is expected to push rents another 4.5 percent during 2015. Despite delivery of nearly 15,000 new units during 2014, vacancy rates in Austin fell to 4.4 percent.

All Cash Financing

This investment opportunity is being offered on an All Cash basis, allowing for unrestricted financing options and the ability to capitalize on today’s low interest rate environment.

For the complete Offering Memorandum, please sign the Nelray Confidentiality Agreement, or read more at our website.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

Ultra Modern Tarrytown Apartments for Sale in Central Austin

The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Newly Constructed 15Twelve Apartments

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15Twelve is a highly attractive, unique, urban development nestled in Austin’s most desirable historic neighborhood.

AUSTIN, TEXAS – 15Twelve is a uniquely designed urban asset completed in October 2014. The property is comprised of 19 spacious units and offers eight distinct floor plans. The interior of each unit is custom designed, providing a well lit living space through use of highrise-style windows and recessed can lighting. Unit flooring is made up of hand-laid long wood plank, while openly designed kitchens are equipped with custom barn-style cabinets, ample granite countertop space, and brand new stainless steel appliances. Residents of 15Twelve enjoy access to a luxurious rooftop swimming pool, a state of the art glass-enclosed fitness center, reserved covered parking, and an exquisite downtown Austin skyline view. The development is equipped with a commercial-grade full fire suppression system as well as a wireless fire alarm monitoring system.

Highly Sought-After Tarrytown Neighborhood

The affluent Tarrytown neighborhood is one of the most desirable places to live in the Austin infill. Known for its history and character, Tarrytown is predominantly comprised of single family residences and condominiums with a limited supply of multifamily units and development opportunities. Tarrytown is home to several well preserved parks and bike and hiking trails as well as the Lions Municipal Golf Course, which is open to the public. The area is bound by Lady Bird Lake to the west and Mopac to the east, giving residents of the neighborhood immediate proximity to downtown Austin.

Unique Development in a Central Infill Austin Location

Downtown rents are the highest in the Austin metro, which noted an average effective rent of about $2.10 PSF and an average occupancy of 97% at the end of 2014. Austin’s rental market is expected to continue to remain strong supported by above average job growth, in-migration, and household formation. Absorption of new apartment units was positive in 2014. Expected delivery of new, high-end apartment units is anticipated to be well absorbed during 2015 as supported by the continued growth and hiring in the tech sector, which pay some of the highest salaries in the nation relative to cost of living and attract members of Austin’s prime renter age cohort. The median household income within one mile from 15Twelve is approximately $107,000 as of 2014.

All Cash Financing

This investment opportunity is being offered on an all cash basis, allowing for unrestricted financing options and the ability to capitalize on today’s low interest rate environment.

For the complete Offering Memorandum, please sign the 15Twelve Confidentiality Agreement, or read more at our website.

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

SOLD: 100 Units in Odessa, Texas

realestate-investment-multifamily-property-for-sale-Village-Place-Odessa-texas-462x330ODESSA, TEXAS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Village Place, a 100-unit multifamily property located in Odessa, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.

Joe James and Kent Myers, both Associate Vice President Investments in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a Texas-based development company.

Village Place is located at 1100 Milburn Avenue in Odessa, Texas.  Within one mile of US Highway 385 and approximately one mile from Interstate 20, the primary thoroughfares in Odessa, the central location of Village Place allows for ease of access to major traffic arteries and all parts of Odessa.  Completed in 1971, the property offers spacious floor plans and mature trees.

For additional investment information, please contact:

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.