The dealmakers aren't discussing the final price of the all-cash deal, but La Mirage's location--28.9 acres at 11500 Jollyville Rd.--undoubtedly fetched top dollar for the New York City-based JPMorgan, which bought the complex about nine years ago shortly after it delivered. The motivation to sell was based purely on "the normal cycle of their investment strategy," says William Miller, director in Dallas for Holliday Fenoglio Fowler LP.
Miller, who teamed with HFF associate director Roberto Casas, says La Mirage did a one-month run on the market without a minimum ask. The Dallas-based Archon, like others in the race, is betting on the city's future. "Austin absolutely is one of the most heated markets in the country," Miller says. "Any buyer in Austin right now is looking to burn off concessions over the next two years and then increase rents."
Miller tells GlobeSt.com that the complex's present concessions are two months of free rent. The 95%-leased mix of one-, two- and three-bedroom units go for $1.16 per sf. Units average 848 sf.
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