Aussie investors hop into $9M pouch with 44 units in AustinAussie investors hop into $9M pouch with 44 units in Austinhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=108262015-10-14T05:00:00Z2015-10-14T16:00:00Z

​​​AUSTIN - An Australian investment company is gung-ho on Austin — with plans to spend up to $100 million in the local housing market, accordin​g to its broker Forrest Bass of Berkadia.

EG Funds, an Australian investor, purchased the 44-unit​ "The Castile" at 807 W. Lynn St. from a local investor.​​​

Though the purchase price was not disclosed locally, EG's Australian website indicates the company paid $9.2 million, or $209,090 per unit.

The apartments, which were built in 1969, will be incrementally updated into condos and sold as current leases mature.

Bass said investment sales for multifamily properties in Austin are headed for another record year, led by international buyers. "We've seen mainly Mexican nationals and Japanese conglomerates, but this is our first group we've handled from Australia," Bass said.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2015/10/australian-investor-plans-west-austin-condo.htmlRead more at the {Source}

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