Investors go for Spectra Park’s East Austin Location Near Downtown

Citizen House Decker, a 324-unit luxury multifamily property in East Austin, delivered in 2021. Toronto-based real estate advisory company Prism Multifamily Group recently acquired the property, which has been rebranded as Spectra Parks, for an undisclosed purchase price. This purchase represents Prism’s first multifamily acquisition in the Austin market.

Newmark’s Patton Jones and Andrew Dickson represented the seller, Austin-headquartered Endeavor Real Estate Group, in the sale.

“Investors were attracted to the property’s East Austin location proximate to downtown; the nightlife of East 4th, 5th and 6th Districts, as well as the new Tesla facility under construction roughly four miles away,” said Jones. “The nearly 3.5 million square feet of nearby office space recently delivered, under construction or proposed further enhanced the investment opportunity, as the property sits in the middle of a developing live/work/play environment.”

Located at 5301 Decker Lane, the property is within minutes of downtown Austin and major employers including Tesla, Amazon, Oracle and Dell Children’s Medical Center. The property is also proximate to the 700-acre Mueller Mixed-Use District which offers ample retail, dining and entertainment and newly developed class-A office space. The community is surrounded by parks, walking trails and picnic areas.