Austin 2012 apartment sales robust

AUSTIN – Central Texas apartment communities sold in 2012 marks a year that will go down in the record books as one of the most robust for multifamily investments. IMT Capital LLC of Los Angeles bought the most units in the metro area, securing 2,044 apartments in eight communities, said Robin Davis, principal of Austin Investor Interests LLC.

Other investors in Austin last year include:

• American Campus Communities with 1,078 units in ten communities;
• CWS Capital Partners LLC with 1,072 units in four communities;
• Lynd Co. with 760 units in three communities;
• Steadfast Cos. with 740 units in three communities; and
• Allen Harrison Co. with 422 units in three communities.

In all, there were 106 large apartment investment sales, up from 65 in 2011. Prices have also increased with the average purchase price of an apartment unit at $84,100 in 2012, compared to $76,000 in 2011.