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| The Remington, Austin, TX |
AUSTIN, TX – Institutional Property
Advisors (IPA), a multifamily brokerage division of Marcus & Millichap
serving the needs of institutional and major private investors, has arranged
the sale of The Remington, a 344-unit gated, resort-style multifamily
community along the north side of State Highway 45 in Austin. Terms of the sale were not disclosed.
Will
Balthrope, an
executive director, Drew Kile an associate director, and director Scott
Lamontagne, advised the seller, Koontz McCombs. The buyer is a private
investor from the Pacific Northwest who was involved in a 1031 exchange.
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| Will Balthrope |
“In spite of
the recent construction spike, the Austin apartment market is still tight,”
says Balthrope. “With strengthening job creation and other demographic trends
working in the buyer’s favor, rents are set to rise, giving this exceedingly
stable investment superior upside potential.”
The property is
situated on 17.4 acres with easy access to Interstate 35 and State Highway 183,
and is convenient to Austin-Round Rock employers Dell, Apple, IBM and Samsung.
A major mall, restaurants and retailers including Walmart and Best Buy are also
nearby.
The Remington
was constructed in 2007 and has achieved above-average occupancy every year.
The average unit size is 1,012 square feet.
For a
complete copy of the company’s news release, please contact:
Stacy Corson,
Public Relations Manager,
(925) 953-1716
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