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.
Catch it on the way up, not on the way down!
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.