Just last week, The Catherine — a new high-rise at 214 Barton Springs Road — sold for an undisclosed amount to a local investment group.
It’s an important geographic shift for the multifamily market, considering most of the large apartment investment sales in the first quarter of 2016 were outside of the downtown area, according to the Austin Multi-Family Report.
The 441-unit Mosaic at Mueller and Sabina with 298 units near the University of Texas both traded hands earlier this year. The largest transaction in terms of units sold was Riverlodge phases 1 and 2 with nearly 500 units in far Northwest Austin.
The Eleven, a 257-unit complex on the east side of the I-35 frontage road at 11th Street, was purchased for $60.2 million by IMP Eleven LLC. IMP Eleven is an affiliate of Institutional Multifamily Partners LLC — a joint venture of General Investment & Development Cos. and the California Public Employees Retirement System.
The development, which sits on almost three acres, was most recently appraised by the Travis Central Appraisal District for $63.1 million.
The purchase price for Eleven equates to $234,241 per unit, nearly double the average investment sales price in the metro area last quarter, according to the Austin Multi-Family Trend Report.
The Catherine’s appraised value is $134.4 million, which would equate to $448,000 per unit — likely a high water mark for an apartment transaction in Austin.
In the News: Jan Buchholz covers commercial and residential real estate, construction and architecture and retail and restaurants for the Austin Business Journal. Link to ABJ Spotlight