"The sellers had just completed a full exterior painting and a few other cosmetic changes," says Ellen Muskin, partner with Hendricks & Partners' Austin office. Muskin teamed with Hendricks & Partners partner George Deuillet III to sell the property at 4100 Victory Dr., which drew more than $6 million. The buyer of record is Victory Place LP.

Muskin says the listing attracted many offers, closing ahead of schedule. She tells GlobeSt.com that the asset's location was chief selling point. Within the submarket, she explains not only aren't there many multifamily complexes, but Fountainhead Apartments also is situated across the street from the Ann Richards School for Girls, an elementary school favored by local residents. "It's in a trendy area, close to Downtown," she explains. "You could bicycle to Downtown from there."

The complex also is unusual because it has under-building parking and elevators. "The building itself actually begins on the second floor, though there are some units on the first floor," Muskin tells GlobeSt.com.

The seller had owned the 95%-leased complex for one decade. Situated on 2.9 acres, Fountainhead Apartments is a mix of studios, one- and two-bedroom apartments from 400 sf to 900 sf. The rents range from $459 to $649 per month.