Newly-Built, 306-Unit Multifamily Trades in Austin
The luxury community began leasing earlier this month and sold at 82% occupancy.
AUSTIN, TX – Full-service multifamily real estate company the Michaels Organization has sold its newly-constructed multifamily community in Austin, TX to New York-based real estate firm Sterling Equities.
Developed by the Michaels Organization for $59.2 million, the property, Zoey Apartments, recently began leasing in early August, and at the time of the sale, the asset was 82% occupied.
The 306-unit luxury property offers 38 affordable units and community amenities including a fitness area, rooftop lounge, co-working spaces, recreation lounges, a pool, courtyards, a bike storage facility, a dog wash area and on-site parking. The units feature plank flooring and quartz countertops, and range from studios to two-bedroom apartments.
Berkadia arranged the sale, and Kelly Witherspoon and Michael Gonzalez of Berkadia represented the Michaels Organization in the disposition.
“The Zoey is an extremely well-built, type 1 constructed midrise that was very well-received in the market by both private and institutional investors,” states Witherspoon. “Infill opportunities of this caliber have been rare in Austin in recent years, so when they do surface, they generally get plenty of attention, which was the case here. Michaels was incredible to work with, and we look forward to the next one together.”
Situated in the city’s East Riverside neighborhood, Zoey Apartments is located five miles from downtown Austin.
“Texas is one of several key markets where Michaels is developing new multifamily communities,” says Chris Brookshire, VP at the Michaels Organization and the lead developer for Zoey Apartments. “This community was designed with the needs of the residents in mind and it is an asset to the Riverside neighborhood.”
Earlier in 2022, the Michaels Organization sold the 228-unit, 696-bed student housing community, Hill Country Place, near the University of Texas-San Antonio.