Austin's hot apartment market lures investorsAustin's hot apartment market lures investorshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=15472015-03-06T13:41:00Z2015-03-06T07:00:00Z

AUSTIN - As Austin’s apartment sector continues to reach new heights in rent, occupancy and overall growth, property investors are taking an ever-stronger interest in the market.

Last year, 88 metro area apartment complexes with a total 22,074 units changed hands, at an average price of $109,529 per unit, according to Austin Investor Interests, which tracks the Central Texas apartment market.

That’s a 26 percent increase over 2013, when 70 properties traded. Last year’s average price per unit was also 24 percent higher than the $88,429 per unit price in 2013.

While 2013 was dominated by sales of older properties, 2014 saw sales of more Class A properties entering the mix. The average sales price for the Class A buildings, which included 11 buildings constructed within the past 24 months, averaged $156,960 per unit.

That’s almost 50 percent higher than the sale price for the Class A properties that sold in 2013, which averaged $105,000 per unit, but which included only four sales of complexes built within the prior 24 months.

The highest sale recorded in 2014 was for the Whitley apartment tower downtown. That property sold for about $104.3 million, or $393,479 per unit. Tree, a new apartment complex on South First St., traded for $72 million, or almost $215,000 per door.

tags: ARA Austin Multifamily Stats 4Q 2014 (PDF), Transwestern Austin Apartment MarketWatch Feb. 2015 (PDF); Austin Market Research

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/business/austins-hot-apartment-market-luring-in-investors/nkM8c/#56491994.3380261.735662Read more at {Source}

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