AUSTIN-Following a three-year hold, CWS Capital Partners LLC has sold the class A, 300-unit Marquis at Iron Rock Ranch to a San Francisco buyer. Local sources say the final purchase price has slid in just south of the $34.9-million ask.
CWS Capital Partners LLC from Newport Beach, CA fielded 12 offers during the five-week marketing period for the 95%-leased complex at 1215 W. Slaughter Lane in South Austin. According to Patton Jones, sales director for Apartment Realty Advisors' Austin and San Antonio offices, US Advisors LLC ended up with the asset because it had the highest offer. "The buyer was the most qualified bidder. They know Austin. They've been buying here for years and they're sharp, savvy investors," Jones says.
Jones tells GlobeSt.com that US Advisor has entered the South Austin submarket at a good time because retail and residential are both on the upswing. "People want to be close to Downtown Austin, but not everyone wants to pay expensive rents there," he adds. "Developers can't build garden-style apartments there, either, not with land going for $100 per sf." The Dinerstein Cos. of Houston developed the complex in 2002.
Although CWS recently sold the 224-unit Marquis at Quarry at 384 Treeline Park in San Antonio, Jones says the investor has no plans to leave Central Texas. "They have private investors in each deal and typically three-year holds," he says. "They still own a few thousand units in Austin and a few thousand in San Antonio."
Situated on 22.67 acres, the 28-building Marquis at Iron Rock Ranch has one-, two- and three-bedroom apartments measuring from 810 sf to 1,339 sf. The monthly rents range from $860 to $1,380. Because it's branded, the name will be changed as part of US Advisors' takeover of the deed and management.
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