Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 22 North, a 240-unit multifamily asset located 20 miles northwest of Austin in Leander, Texas.
“Austin’s technology scene is often referred to as ‘Silicon Hills’ due to the large number of tech companies residing in the capital city,” said Will Balthrope, IPA executive managing director. “Located less than 20 miles from 22 North, Apple has begun construction on a new $1 billion campus in North Austin.” Balthrope, IPA’s Kent Myers and Jordan Featherston represented the seller and procured the buyer. “22 North’s proximity and accessibility to Austin’s booming tech industry made the property extremely enticing for buyers who want to acquire high-growth potential assets in advance of the next influx of tech companies,” added Featherston.
Built in 2018, 22 North is one mile from Northline, Leander’s newly constructed, transit-oriented downtown mixed-use development featuring retail, office, hotel, residential, and recreational spaces. “Leander’s transit-friendly access to Downtown Austin was a huge draw for investors during the sales process,” said Myers. “The MetroRail Red Line directly connects Leander to Downtown Austin and provides residents with an easy commute to employment and entertainment centers throughout Austin.”
The three-story, garden-style property is a gated community with a resort-style pool, fitness center, business center, barbecue area and media/game room. Apartments havegranite countertops, stand-alone islands and garden tubs. The average unit size is 1,090 square feet.
“IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists, who source the most qualified buyers and obtain the best prices for our sellers,” concluded Balthrope.
