Tuesday, April 30, 2013

240-Unit Multifamily Property in Austin, TX Sold by Marcus & Millichap



Austin Commons, North Central Austin, TX

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Austin Commons, a 240-unit apartment complex in north central Austin. The terms of the sale were not disclosed.

Joe James
            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.”

Kent Myers
“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 a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

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