AUSTIN—A high-profile closing on Tuesday in the Tech Ridge submarket is proving the area is one of the hottest in Austin.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale of Springs at Tech Ridge, a 342-unit new construction multifamily property just east of Interstate 35 at 1200 East Parmer Lane, IPA has exclusively told GlobeSt.com. The terms of the sale were not released, and the seller was not disclosed.
The buyer is Weinstein Properties, which has increasingly shown an interest in Austin. The Richmond, VA-based firm has acquired two other multifamily properties this year alone, IMT Anderson Mill (now known as Bexley at Anderson Mill) and Altea at Silverado (now known as Bexley at Silverado).
IPA executive director Will Balthrope and IPA director Drew Kile advised the seller and procured the buyer.
“This sale demonstrates the strength of the growth in the east-of-35 segment of North Austin,” Balthrope told GlobeSt.com.
According to Balthrope, the property, well situated near major employers including General Motors, Dell and Samsung, stands out in its design, which is similar to only one other area property, The Cottages in South Austin. Springs at Tech Ridge features a low-density design of 21 buildings with private, secured entrances and interior passageways, something uncommon among most communities in the Austin area, he says.
As a result, since IPA began marketing the asset this spring, Balthrope says there was no shortage of interested parties.
“We gave 32 tours and delivered 27 offers,” he says, adding this is approximately double the norm.
In the end, Weinstein Properties won out, in what Balthrope calls a “staggering” outcome after an intense best and final offer.
Kile agrees, telling GlobeSt.com: “The submarket has done extremely well this spring and it's been pretty consistent with that market. The timing [of this deal] ended up being great.”
In May, IPA brokered another record-setting transaction with the sale of The Kenzie at The Domain.
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