Marcus & Millichap Completes the Sale of North Austin Apartments

AUSTIN, Texas—Marcus & Millichap Real Estate Investment Services has arranged the sale of Austin Commons, a 240-unit apartment complex in north central Austin, Texas.

Joe James and Kent Myers, senior associates in Marcus & Millichap’s Austin office, represented the seller, a California-based partnership.  The buyer is a California-based investor.

“Investor demand for apartments in Austin remains high as the city holds its position as a job creation leader,” says James.  “Austin Commons received a great deal of interest from a variety of investors, including REITs and out-of-state private buyers.”

“The property is well positioned to provide the new owner with excellent value appreciation, future rent growth and long-term stability,” adds Myers. “Austin’s thriving high-tech sector, along with its expanding healthcare industry and swelling development pipeline, all point to another strong year for renter-household formation.”

The property is located at 1630 Rutland Drive near Texas State Highway Loop 1 and the U.S. Highway 183/Interstate 35 interchange.

Austin Commons was built in 1971 on 12.4 acres.  The unit mix ranges from 595-square foot one-bedroom/one bath units to 1,041-square foot three-bedroom/two-bath units.  Shared amenities include controlled-entry access gates, two swimming pools, clubhouse, business center, fitness center, picnic areas and on-site laundry facilities.

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 participated in the sale of 22 transactions in 2012 totaling over 3,000 units and more than $123 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

 

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