Far South Austin Multifamily Generates Multiple Offers

Far South Austin has recorded above-average rent growth and high occupancy, and the long-term outlook for Austin’s labor market remains strong despite the effects of the pandemic, according to Institutional Property Advisors, a division of Marcus & Millichap. Those fundamentals were a factor in the acquisition of Park at Estancia, a newly constructed 320-unit multifamily property located within the master-planned community of Estancia Hill Country. The buyer was Churchill Forge.

Developed by GenCap Partners on 16 acres in 2020, the property is within a 600-acre mixed-use development with a planned hospital, parks, trails and single-family homes. The asset is located 10 miles south of downtown Austin on the Interstate 35 Corridor near State Highway 130, which provides access to Austin-Bergstrom International Airport and Tesla’s new $1.1-billion cybertruck factory.

Will Balthrope, Jordan Featherston and Kent Myers represented the seller, GenCap Partners, and procured the buyer.

“We took Park at Estancia out for just four weeks of broad marketing and even in the midst of a global pandemic, we conducted 18 in-person tours and procured 18 offers,” says Featherston. “At current pricing, we exceeded the highest comparable in the South Austin submarket by 14 percent.”

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