The strong Austin rental market is attracting a lot of investors who are purchasing apartment communities, The Austin American Statesman reports. (Subscription required to read article.)
In 2014, 88 Austin area apartment complexes were sold to new owners. The average price per unit was $109,529, an increase of 24 percent over 2013.
2013 mostly saw older properties change hands, but 2014 saw more new properties come on the market. These new, Class A properties, had an average price of $156,960 per unit.
The only Class A property in the downtown area to come up for sale this year has been RiverView, which is at the corner of I-35 and East Riverside Drive, on the new boardwalk. It is expected to sell for around $75 million.