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.”

“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.

With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm.