Oracle and Tesla’s Proximity to The Mont Will Drive Strong Fundamentals

AMAC recently acquired The Mont, a newly constructed class-A 288-unit multifamily community in Austin, for $61.9 million. The property was completed in early 2021 and achieved stabilization within eight months. AMAC made the equity investment from AMAC Fund III and assumed the existing HUD financing as part of the transaction.

The Mont features a mix of one- and two-bedroom units averaging 730 and 1,048 square feet. Located in the East Riverside submarket within 10 minutes of downtown Austin, The Mont is near Austin Bergstrom International Airport, St. Edward’s University and University of Texas at Austin. The Mont is located within 10 minutes of Oracle’s new technology campus, which was built in 2018 with a 10,000-employee capacity, along with the new $1.1 billion Tesla Gigafactory, projected to create 10,000 jobs.

“The Austin-metro area is currently one of strongest rental markets in the nation with rapid employment growth and the migration of residents from other cities,” said Maurice Kaufman, founding principal at AMAC. “Oracle’s national headquarters and Tesla’s new Gigafactory are within a few miles of the property, which we anticipate will continue to drive strong fundamentals.”