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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.
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| 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.”
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| 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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