(To read more on the multifamily market, click here.)

AUSTIN-Knocking out 15 other bidders, an Atlanta-based investment group has snagged the class A, 192-unit McNeil House. The first-time Austin buyer has paid just south of the $19.8-million ask, getting a 5.3% cap rate to start the play.

Situated on 10.91 acres at 6280 McNeil Dr. on the far northwest side, McNeil House was put on the market eight years after Bridge Investment Group of Salt Lake City acquired it. “With the interest level going up in Austin, and interest rates dropping down below 6% and staying, they thought it would be a good time to put this on the market,” explains Rex Jones, director for Cushman & Wakefield of Texas Inc. in Austin.

As it turns out, the seller was correct in its assumption: 16 bona fide offers were received for the 92%-occupied complex. Jones tells GlobeSt.com that Williams Asset Management ended up with the goods because of a quicker close and a large amount of earnest money.

Jones says he wasn’t surprised by the level of buyers’ interest in the complex, which the new owner is naming McNeil Ranch. “Most of the growth area these days is northwest,” he says. “That area around Highway 183 is almost like a second Downtown for Austin now. Other large residential builders are already building in the area.”

Williams Asset Management is planning to upgrade the clubhouse and add a new fitness center in the 1988-construction complex. The one-, two- and three-bedroom units measure 677 sf to 1,468 sf. The monthly rents range from $896 to $1,565 per unit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.