Class A Urban Residential Community for Sale in Austin

Thursday, August 17, 2017

Update:  This property is no longer on the market. For a list of current available commercial real estate properties, click here.

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is offering qualified investors the unique opportunity to acquire Sur512, a brand new, 352-unit, Class A urban residential community in Austin, Texas. Demand for the property is bolstered by the continued urbanization along the South Congress corridor and the transformation of the area into a premier destination for young professionals seeking urban core living at a significant discount to CBD rents.

Built in 2016 by renowned luxury developer JPI, the apartment property for sale features impeccable design, high-quality finishes and best-in-class amenities, including two resort-style swimming pools, two fitness facilities, a professional business and conference center, stylish clubhouse, picnic and grilling areas, Wi-Fi in all common areas, outdoor lounge and social space, internet café and lounge, 24-hour emergency maintenance and on-demand fitness classes. The superior quality construction, ideal South Austin location and surrounding economic influencers combine to make Sur512 a compelling offering in one of the fastest-growing and most sought-after regions in the nation. The 352 units average 895 square feet, and current occupancy stands at 95 percent.

Prominently positioned at 5010 South Congress Avenue minutes from downtown and the famed South Congress district, Sur512 provides direct access to the city's most popular retail and entertainment destinations, tech hub and two of the biggest new employers, UT/Dell Medical School and Oracle’s new campus.

Apartment Community for Sale Investment Highlights

  • Robust Growth Corridor:  The multifamily property for sale is situated on 8.91 acres at a favorable location along Austin’s South Congress corridor, the trendiest, most desirable residential area in the city and one that offers the quintessential Austin lifestyle. Demand for Sur512 is bolstered by its proximity to the South Congress district, a world-renowned walkable strip featuring an eclectic mix of shops, restaurants, bars, food trailers, music venues and galleries. South Congress continues to experience rapid rejuvenation with an influx of new retailers, and asking rents exceed $70 per square foot. Area economic drivers and employment generators include St. Edward’s, Oracle’s future campus, UT/Dell Med School, Waterfront Development and COTA and continue to fuel increase demand for the area.
  • Superior Urban Location:  Sur512 offers direct and immediate access to Austin’s CBD within an eight-minute drive. The commercial property for sale is in the path of continued growth as Austin’s urban core, residents and local attractions move south. The dynamic South Congress environment attracts young professionals who desire urban living without paying downtown rents, and the highly-visible and connected location offers rapid access via Austin’s main South Congress Avenue, Interstate 35 and U.S. Highway 290/71 thoroughfares.
  • Best-in-Class Urban Wrap Development:  Sur512’s unique location, amenity set and unit mix will provide new ownership competitive advantages over its competitive set. The urban location affords residents quick access to Austin’s best music, food and entertainment venues. A best-in-submarket amenity package, including luxury pools, state-of-the-art fitness facilities and unit finishes that consist of designer kitchen finishes, granite countertops, modern subway tile backsplashes, rain shower heads and much more. Sixty percent of units are one bedroom, and the remaining two- and three-bedroom units are specially designed to match roommate preferences.
  • Advancing South Austin Demographics:  The South Congress corridor is home to a large portion of the targeted millennial demographic due to the trendy entertainment and dining destinations as well as proximity to Austin’s urban core. Thirty-three percent of the population within a one-mile radius of the property is within the prime renter age of 18 to 34, and 62 percent choose to rent over ownership – both well above the Austin and national average. Although the South Congress district rents are 10 to 20 percent higher than Sur512, the population’s average household income is similar in their respective areas, which bodes well for future rent growth at the property as Austin’s core continues to move south.

Sur512 is a multi-housing property for sale with a competitive amenity package and high-end unit finishes in the desirable South Congress area of Austin. For more information on this commercial property for sale or other apartment properties for sale in Austin, please contact Sean Sorrell, Matt Pohl or Ryan McBride. For information on financing this acquisition, please contact Casey Wenzel. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker. 

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