Real Estate remarks a measurable change in the market conditions prevailing in Austin. In the total Austin market, 9 multifamily properties were sold in the month of September 2012. This represents a decrease of 25% when compared to September 2011. In terms of square-feet, overall total sale have decreased by 257,402 square feet to close at 1.3 million square-feet in September 2012. This represents a decrease of 16% over September 2011. Some of the recent sales include:
In September 2012, UCM/FSDC-Deerfield LP, an entity of Falcon Southwest has purchased Deerfield, a 324-unit, Class A apartment community located at 8700 Brodie Lane in the Southern submarket, from N/A Deerfield-70 Ltd, an entity of NALS Apartment Homes. The ten-year-old community is 98% occupied with average rents at $1.05 per square foot. The garden style and conventional community is situated on 23.91 acres. The community features one-, and two-and three-bedroom units, ranging in size from 657 to 1395 square feet and rental rates ranging from $0.94 to $1.24 per square foot. Property amenities include Business center, carports, Cinema room, laundry rooms, swimming pool and a valet Trash service. Unit amenities include outside storage, ceramic tiles, hard wood floor, frost free, pantry, Berber carpet and walk-in closets. Pets are allowed at the community, with a breed limit of two and a deposit fee of $250-350. Sean Sorrell of HFF represented the seller.
Another significant sale noted from that month is the sale of The Place at Terracina. Terracina Apartments LLLP, an entity of MC Companies has purchased The Place at Terracina, a 170-unit, Class C community located at 8100 North Mo-Pac Expressway in the Northern submarket, from Steelwood/Persimmon/Northcastle LP, an entity of Steelwood Property Company. The 42-year-old community is 92% occupied with average rents at $1.05 per square foot. Formerly known as Terracina, the community is situated on 7.35 acres. The community features one-, and two-and three-bedroom units ranging in size from 702-1343 square feet. The rental rates range from $0.90 to $1.11 per square foot. Property amenities include swimming pools, social activities, High-speed Internet, Fitness center and sauna. Unit amenities include ceiling fans, dishwasher, mini-blinds, pantry and disposal. Pets are allowed at the community, with a breed limit of one and a weight limit of 70 lbs with deposit of $150-$300 and pet fee of $150. Parking garage is not available for this property. Pat Jones of ARA represented the seller.
In July 2012, Fairfield Scofield LLC, an entity of Fairfield Residential Company LLC, has purchased Scofield Park at Austin, a 487-unit, Class A community, located at 2600 Scofield Ridge Parkway in the North submarket, from AMLI/BPMT Scofield Partnership, an entity of AMLI Residential. The 13-year-old property, formerly named AMLI at Scofield Ridge, is 94% occupied with average rents at $1.07 per square foot. Property amenities include Business Center, Fitness center, High-Speed Internet, Attached Garages, Social Activities and Swimming pools. Unit amenities include outside storage; frost free, pantry, 9ft ceiling, microwave, and dishwasher. Pets are allowed at the community, with a breed limit of two and a deposit fee range from $350 to $600. According to the County Appraisal District the total assessed value of the community is $36 million. Parking space is not available for this property.
Another significant sale for the month of July 2012 is sale of The Cottages. The Cottages Apartments LLC, an entity of MIG Real Estate, has purchased The Cottages, a 330-unit, Class A community located at 8515 South Interstate Highway-35 in the Southeast submarket. The Cottages Apartments LLC, an entity of MIG Real Estate, has purchased from Criterion Onion Creek Apartments LP. The four-year-old property is 91% occupied. According to the appraisal district records, the total assessed value is $11.88 million. The community features one-, two- and three-bedroom units, ranging in size from 500-1,397 square feet. The average rent ranges from $1.51-1.13 per square foot. Property amenities include clubhouse, detached garages, conference Room, fitness center and swimming pools. Unit amenities include Granite Countertops, Microwave, Patio/Balcony and Ceiling Fans. Pets are allowed at the community, with a breed limit of two with breed restriction. The deposit fee for the pet is range from $250 to $350. Parking space is not available for this property. Colin Cannata, Charles Cirar, Darcy Hammar and Michael Wardlaw of CBRE represented the seller, while the buyer was represented in-house. Alliance Residential Company will manage and lease the property.