Developers put new downtown apartment project up for sale

Sep 18, 2013
Austin Business Journal

Apartment investors will have the opportunity to purchase one of Austin’s newest multifamily communities with the announcement Wednesday that the Whitley at 301 Brazos St. is for sale

The 16-story downtown project opened in April and is 68 percent leased at prices that are among the highest in the city, in some cases exceeding $3 per square foot

The Whitley was developed by Austin-based Riverside Resources in a joint venture with Principal Real Estate Investors, an entity formed by Principal Global Investors

The CBRE Central Texas Multi-Housing Group headed by Charles Cirar has the listing

In addition to the 266 units, the development includes 12,062 square feet of retail space, which is 100 percent occupied by Uncle Julio’s restaurant and Royal Blue Grocery

Though hundreds of new downtown apartment units are under construction, the Whitley was the first to debut and investors might benefit from that first-to-market status

Eleven, a project just to the east of I-35 at 11th Street, is welcoming tenants in the weeks ahead. It was developed by Austin-based Forestar Group. Several other project have opened recently to the southeast of downtown along Riverside Drive

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