(To read more on the multifamily market, click here.)

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AUSTIN-Trammell Crow Residential has sold the 308-unit AlexanCityview to a Birmingham, AL buyer. The six-year-old complex,listed for $27.5 million, traded at a sub-6% cap rate.

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Virtu Investments' new prize is a class A complex on 16 acres at4900 E. Oltorf St. "This buyer verbally told us they were lookinghard to purchase an asset in Austin. Everything I've been bringingto market I've been showing to them," says Patton Jones, a salesdirector in Austin and San Antonio for Apartment Realty Advisors."They needed to find something to fit their box. They liked thisproduct."

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Jones tells GlobeSt.com that Virtu Investments, which ownsmultifamily properties in Dallas, beat 11 other offers primarilydue to its track record. He says the buyer's timing to enter themarket is good, especially with the redevelopment now occurring inCityview's submarket. "Southeast Austin is known for 1970sproperties," he adds. "But with land prices in Austin skyrocketingto $100 per sf, and development suddenly going up, this propertydrove the interest."

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Jones says the 95%-occupied Cityview also offers good upside. Heexplains that rents in the adjacent CBD run from $1.50 per sf to$1.80 per sf, but the southeastern sector's rates float from 96cents per sf to 98 cents per sf.

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"Overall, this property was in good condition, and made a goodbuy and hold for the buyer," adds Jones, who partnered with ARAprincipals Matt Rotan and Jerry Lamm to steer the sale for theAtlanta-based seller. In keeping with Alexan sales, the asset'sname will have to change. Jones says the new moniker has yet to bedecided.

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Cityview has one-bedroom units from 679 sf to 824 sf;two-bedroom apartments from 998 sf to 1,177 sf; and a three-bedroomdesign with 1,386 sf. Monthly rents range from $726 to $1,357.

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