AUSTIN Apartment occupancy was at 95 percent in early 2015 Occupancy in both Dallas and San Antonio held at 89.4 percent, while Houston was at 89.1 percent.
Rents in Austin rose to 1.20 cents per square foot in 2015, up 7 percent Rents were driven by increasing demand and a tightening of supply, according to Apartment Realty Advisors' (ARA) Texas Multifamily
The north and northwest Austin areas absorbed the most units at 873,
followed by south Austin with 474. The most proposed units are also in the
north with 2,879, followed by central Austin with 1,590. According to ARA,
the Austin market currently has 170,000 apartments.
THE TWO BECOME ONE
AUSTIN (globest.com) – National Commercial Ventures LLC, represented by Austin-based Colliers Oxford Commercial, has purchased the 233-unit English Aire Apartments and 165-unit Lafayette Landing along Burton Dr. with plans to renovate and operate the side-by-side complexes as one. Closings on the buildings were held simultaneously by the two different sellers.
Built in 1973 near downtown, the 90 percent occupied, Class-B complexes have a combined Travis County assessed value of $8.7 million. Comparable multifamily assets have sold for $35,000 to $45,000 per door. Lafayette Landing at 1835 Burton Dr. has one- and two-bedroom units with an average monthly rent of $480. Its neighbor at 1919 and 2121 Burton Dr. has studios and one- and two-bedroom apartments renting for $435 to $788 per month.
Hendricks & Partners’ Austin office represented Peek-Howe Real Estate Inc. of Baton Rouge, La., in the sale of Lafayette Landing and represented Austin English Aire Ltd. of Austin in the English Aire disposition.
$25-MILLION AUSTIN APARTMENT PORTFOLIO SOLD
AUSTIN (GMH Capital Partners) – Pennsylvania-based GMH Capital Partners announced yesterday it represented ITW Mortgage Investments III in the sale of four Austin garden-style apartment communities. The Hayman Company purchased the 702-unit multifamily portfolio for slightly more than $25 million.
The apartment complexes in the portfolio sale were Quail Run, Coppermill, Gateways and Woodstone. They have an average occupancy level of 95 percent.
"The Austin multifamily portfolio provided The Hayman Company a unique opportunity to acquire a substantial portfolio of apartment complexes with excellent amenities in an outstanding location," said Morgen J. Busch, account representative of GMH Capital Partners.
ROUND ROCK GABLES AND SOUTHGATE SOLD
EL SEGUNDO, Calif. (Pacific Coast Capital Partners) A joint venture
between Pacific Coast Capital Partners (PCCP) and Jackson Square Properties
is buying Maple Leaf Portfolio, a 1,918-unit apartment portfolio of Class-B
communities, most of which are in Texas.
Jennifer Diaz, PCCP vice president, says an exterior facelift is planned for
a majority of the properties. Texas properties included in the purchase:
Round Rock Gables has 188 units on nine acres. It is 98 percent occupied.
Another Round Rock property, Southgate, totals 200 units. It is on 18.6
acres and is 95 percent occupied.
ADDING HEIGHT TO THE METLIFE HIGH-RISE
MetLife and partner the Hanover Co. are set to build the 36-story apartment tower — eight more floors than the original plans — envisioned at 101 Colorado St., next to MetLife's 22-story office tower at 100 Congress Ave.
When the project was announced in 2004, the plans called for 202 units in a 28-story curved roof tower, with townhouses facing Congress. The revised design calls for 258 units, including three live-work units facing Cesar Chavez Street and nearly 1,000 square feet of street-level retail. HKS Architects, designers of the Whole Foods Market headquarters and flagship store on North Lamar Blvd. at West Sixth St., designed the apartment project with a tower rising on the north side of the site and a lower-profile structure facing Town Lake.
UT CAMPUS HOUSING GOING UP
AUSTIN (statesman.com) – College Houses Inc., a 501c3 organization with six co-op residential properties surrounding the University of Texas campus, plans to spend $10.9 million to demolish one of its properties in West Campus and replace it with a seven-story residential building that will triple its student housing capacity. The reconstruction of the property at 1905 and 1907 Nueces St. will include ground-level space for the firm’s offices and expand bed count from 45 to 160.
Alan Robinson, general administrator with College Houses Inc., said that the group was able to increase its unit offerings without buying additional land when the Austin City Council passed the University Neighborhood Overlay provision in September 2003. This provision allowed for denser residential development in the areas surrounding the UT Campus.
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