IPA Brokers Sale of The Kenzie

AUSTIN--Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Kenzie at The Domain, a 279-unit, six-story multifamily complex in Austin. The terms of the deal were not released.

IPA executive director Will Balthrope and IPA director Drew Kile advised the seller, StreetLights Residential, and procured the buyer, an institutional investor.

“The Kenzie at the Domain in Austin Texas is one of the finest mid-rise developments in the United States,” Balthrope told GlobeSt.com. “It defines what suburban core buildings represent: It offers an ultra-luxury living environment that is walkable to nearly one million square feet of high-end retail, dining and entertainment options, as part of the master-planned Domain development."

The Kenzie is located at 3201 Esperanza Crossing in The Domain, the popular master-planned mixed-use development. Neighborhood amenities include a 10-acre park, jogging trails, and shopping and dining options. Nearby retailers include Macy's, H & M, Burberry, Neiman Marcus, Dillard's and Dick's Sporting Goods. Whole Foods Market recently completed a 60,000-square-foot store nearby and Nordstrom plans to open a 123,000-square-foot store in fall 2016.

The Kenzie's community amenities include a fitness center, a 17,000-square-foot resident entertainment area, and a resort-style pool and fireside social area. Apartments have 10-foot and 13-foot ceilings, granite countertops, stainless-steel farm sinks, generous cabinet space, Energy Star appliances and urban mud rooms.

“This transaction was a win/win for both parties. The developer did very well on the project and the buyer made an outstanding long-term investment,” Balthrope says. “The Kenzie at The Domain had a superior lease-up performance and at the time of sale was 97 percent occupied at the time of the sale.”