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.

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