Institutional Property Advisors Closes Northwest Austin Multifamily Sale
AUSTIN, Texas, Dec. 2, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Asten at Ribelin Ranch, a 350-unit multifamily asset in Austin, Texas.
“Built in 2008, The Asten at Ribelin Ranch is a stabilized asset that has experienced exceptional historical performance, including averaging 95% occupancy and strong rent growth,” said Will Balthrope, IPA executive director. “The acquisition gives the buyer the opportunity to implement a first-generation unit enhancement program to achieve future revenue growth.” Balthrope, IPA’s Jordan Featherston and Kent Myers represented the seller, and procured the buyer. “This was a very competitive process that saw over 25 tours and offers leading to multiple rounds of bidding,” added Featherston. “Ultimately, pricing finalized at one of the highest sales prices for assets of a similar vintage in the Austin MSA.”
Located less than 10 miles from Downtown Austin and three miles from Lake Travis, the property is directly adjacent to the proposed 57-acre 3M office campus, which is expected to have 1 million square feet of office space. Major Austin employers include the State of Texas, the University of Texas at Austin and Dell Technologies. Shopping is close by at the Points Centre and the Arboretum Market “The affluent West Austin location and tasteful upgrades the seller completed drew attention from large private capital as well as institutional investors across the country,” said Myers.
The three-story, 342,752-square-foot property occupies 17.5 acres. The community has Texas Hill Country views, a resort-style swimming pool with walk-in beach access, a separate pool for volleyball and a convenience store open 24 hours a day. The property’s unit mix of one-, two- and three-bedroom apartments include in-home washers and dryers, garden soaking tubs and direct access one- and two-car garages. The average unit size is 979 square feet.
“IPA’s Texas multifamily property investment services are provided by one team and this allows us to bring in the most well-qualified buyers and deliver the best prices for our sellers,” 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