Institutional Property Advisors Facilitates Sale of Newly Constructed Multifamily Asset in Central Texas
DRIPPING SPRINGS, Texas, Oct. 4, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of View at Belterra, a 233-unit apartment complex located in the 93-acre Belterra Village mixed-use development in Dripping Springs, Texas.
“Residents of View at Belterra have 310,000 square feet of shopping, dining, entertainment, recreation, and healthcare options within walking distance, and are just 20 minutes from Austin,” said Will Balthrope, IPA executive director. “The average home price in the immediate submarket is nearly $800,000, which far exceeds national and state averages and creates a significant rent-versus-own discrepancy.” Balthrope and IPA’s Jordan Featherston and Kent Myers represented the seller, American Residential Group (ARG), and procured the buyer, Hayden Properties. “During our four-week marketing process, we conducted 22 tours, procured 16 offers and ultimately completed the sale at one of the highest values ever for a multifamily asset with surface parking in the Austin MSA,” said Featherston. “The barriers to entry, along with an exceptional execution from ARG on both a quality of construction and management standpoint drove interest from both major institutional investors as well as large private capital,” added Myers.
Located along State Highway 290, the property is a short commute from major employers in Austin such as the University of Texas at Austin, Apple, Hospital Housekeeping Systems, NXP Semiconductor, Accenture and Austin-Bergstrom International Airport. Nearby retail and recreation venues include the Belterra Village Shopping Center, the Commons Shopping Center, Dripping Springs Sports & Recreation Park and the Lady Bird Johnson Wildflower Center.
The four-story, garden-style, gated-access community was built in 2021 on eight acres. Residents have access to a sky lounge with sky deck, a multi-section outdoor pool, an outdoor gaming deck and electric vehicle charging stations. Optional amenities include large, turf pet yards, direct-access garages, townhome units, and Hill Country views. The average unit size is 988 square feet.
“IPA handles multifamily asset sales for the entire state of Texas with one team of investment specialists who sourced the most qualified buyer and obtained the best price for our seller,” added Balthrope.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com