The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week that it had facilitated the sale of Elm Park Apartments, a garden-style 32-unit asset in Austin, Texas.
Chris Siemasko represented the seller, and Nasir Pooran procured the buyer.
“For Elm Park, we were able to assist a 1031 Exchange buyer to identify and close a late-stage upleg, and throughout the process we successfully navigated a turbulent debt market to deliver an extension-free closing.” Said Siemasko, Senior Managing Director at TMG.
Built in 1973 and 1986, Elm Park was 88 percent occupied at the time of sale and offers tenants one- and two-bedroom options with floor plans averaging 730 square feet. The property is minutes away from US-183 Highway, North Mopac Expressway, and North Interstate Highway 35, providing access to all major routes in and out of Austin. According to Yardi, the submarket saw an average YoY rental growth rate of 13.9 percent.
Pooran commented: “We are very proud to have contributed to the total closings for TMG in September, with this transaction marking six deals for the month, with an average of closing a deal every five days.”