Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Santa Clara, a luxury, three-story, 300-unit multifamily asset in Pflugerville, a suburb of Austin, Texas.
“North Austin continues to grow rapidly with developments like the new Austin FC Stadium and the expansion of major employers such as Apple and Amazon,” said Will Balthrope, IPA executive director.“Overall, Austin’s population has grown 69 percent since 2000 and 22 percent between 2010 and 2018.” Balthrope, Jordan Featherston, Drew Garza and Kent Myers represented the seller, Santa Clara, LLC and procured the buyer, Oxford Enterprises, Inc. “In the fourth quarter of 2019, Pflugerville experienced 94.4 percent occupancy and 5.1 percent rent growth,” noted Featherston.
Built in 2019 on 21.5 acres, Santa Clara is less than five miles from Apple’s new $1 billion campusand close to Interstate 35 and Loop 1/the MoPac Expressway, two major thoroughfares that provide access to employment and retail centers throughout the city. There are 34,000 jobs within a three-mile radius of the property at companies including Dell, Apple, Oracle, Hewlett-Packard and General Motors. The University of Texas at Austin is 11 miles from Santa Clara and shopping is nearby at the Shops at Tech Ridge, Round Rock Crossing and the Stone Hill Town Center. Pflugerville’s first mixed-use master-planned development, the 67-acre Pecan District, is under construction one mile away. “Santa Clara is a beacon asset with best-in-class unit features and community amenities,” added Featherston. Amenities include a resort-style pool, fitness center, movie theater, pet yards, and detached garages. Apartments have nine-foot ceilings and the average unit size is 800 square feet.
“Our deep network of relationships with investors throughout Texas and our connections with clients in every major metro give us a unique perspective on the state’s multifamily markets enables us to add value for multifamily investors through any market or economic cycle,” added Balthrope.