2014……Below was originally written in 2011. Man was it the understatement of the years! Following the real estate bubble burst 06 2008-10…. Austin, really all of Texas, has seen significant increase in demand….increased values…shorten time on the market. All those things attributed to a sellers market… Sorry there is never a middle market…it’s either a buyers or sellers, never a fence sitters!
2011…..Following are a couple of blurbs about California investors coming in to Austin and buying apartment complexes. It happens all the time, right? Well no. It happens when these “smart-money” folks make it happen. They’re putting cash in play in Texas and the last time they were doing it on a larger scale was during the recovery following the savings and loan (and oil) bust of the late 1980’s. I would say this will create a positive spin in our real estate market simply by diminishing available inventory.
I guess you could say “follow smart money” or even “catch it on the way up, not the way down”. My 2 cents.
MIG $600M SHOPPING SPREE CONTINUES
AUSTIN (Globest.com) – As part of its planned $600 million Texas shopping spree, MIG Real Estate has picked up a south Austin apartment complex.
The California-based firm purchased the 330-unit Cottages in Austin at 8515 S. I-35 from another California investor. The property opened in 2008 and is currently at 94 percent occupancy.
CBRE represented the seller. Alliance Residential Co. will manage the property.
The 330-unit acquisition came shortly after MIG’s purchase of the 372-unit Wynhaven at Willowbrook, located at 9611 Grant Rd. in Houston.
APARTMENT PURCHASE LINKS INVESTOR TO ROUND ROCK
ROUND ROCK (Austin Business Journal) – A California-based investor has purchased The Links at Forest Creek, a 152-unit Round Rock apartment complex at 20404 Poppy Hills Trail.
The 142,348-sf property was built in 2010.
Marcus & Millichap represented both the seller and buyer, as well as arranged for financing.
Terms of the sale were not disclosed.