AUSTIN, Texas, June 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market a four-property portfolio of prime residential buildings in North Austin. The assets include a combined total of 542 residential units on 21.2 acres. Multifamily investment specialists Joe James and Kent Myers in the Austin office of Marcus & Millichap are representing the seller, The Hayman Co.
“The four assets boast desirable unit mixes, historically high occupancy rates and are located in the densely populated North Austin urban infill market,” according to James.
“As the economy continues to strengthen even further in the already booming Austin MSA, these properties will provide an investor with excellent returns over a long-term basis. Because of our demographics, business-friendly environment and prospects for future growth, Austin is one of the best places in the United States to invest in rental buildings.”
The portfolio include four properties: The 160-unit Woodmark at 1735 Rutland Drive (top left photo), the 132-unit Quail Run at 1200 Mearns Meadow Blvd., the 130-unit Gateways at 1804 W. Rundberg Lane and the 120-unit Woodstone at 4021 Steck Ave.
“Each of these apartment assets has a swimming pool and is proximate to Austin’s major retail and employment centers,” says Myers. “These buildings are in good condition, are being offered on an all-cash basis and rarely come to market, making them a rare and outstanding investment.”
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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