AUSTIN, Texas, Sept. 5, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Estancia Villas, a 312-unit, newly constructed multifamily asset in the 600-acre master-planned community of Estancia Hill Country in Austin, Texas.
“Completed in 2018, the property experienced rapid lease-up,” said Will Balthrope, IPA executive managing director. “That is to be expected as household formation in Austin, fueled by a plethora of job openings, is twice that of the national rate.” Balthrope, Drew Kile, IPA senior director and Jordan Featherston, IPA senior associate, represented the seller, JCI Residential, and procured the buyer, Steadfast Companies.
“Estancia Hill Country is Austin’s newest master-planned community and the offering received a great deal of attention from investors,” added Featherston. “During just a four-week marketing period we conducted 22 property tours and procured 20 offers. In addition to the 130 acres of parks and greenspace, the development is projected to have over 277,000 square feet of retail and dining plus additional commercial development opportunities.”
Estancia Villas is situated on the Interstate 35 corridor, less than 10 miles from downtown Austin. Nearby major employers include Dell, IBM, Samsung, Seton Healthcare, The University of Texas at Austin, Accenture, and Amazon.