AUSTIN, TX – San Francisco-based real estate investment firm Hamilton Zanze sold Bradford Pointe Apartments in Austin, TX on November 24, 2020. The transaction marks the company's seventh sale in Austin since 2014.
"Austin continues to gain momentum from the number of tech companies that are headquartered on the subway," said Anthony Ly, director of operations at Hamilton Zanze. "The sale of Bradford Pointe capitalized on this ongoing momentum. We are delighted with the smooth running of this transaction and the great outcome for our investors."
The company bought the garden-style property in 2015. While he owned the property, Hamilton Zanze upgraded residents' amenities, repaired retaining walls and tarmac, installed a dog park and community garden, and added an Amazon parcel hub to improve leasing efforts and increase Increase rental rates. At the time of sale, Bradford Pointe was 95% occupied.
Bradford Pointe was built in 1984 and is located at 11701 Metric Boulevard. The property comprises 264 one and two bedroom units with an average size of 638 square feet. Units have upgraded appliances, hardwood floors, re-emerged countertops, ceiling fans, and air conditioning. Selected units include private patios or balconies, vaulted ceilings, and washers and dryers in the unit. Communal facilities include a clubhouse and fitness center, two swimming pools and whirlpool, an outdoor kitchen, iMac business center, and a playground.
Bradford Pointe is located in the North Central Austin submarket of the Austin subway area, 16 minutes' drive north of downtown Austin and provides direct access to major employers, entertainment and the University of Texas at Austin. Despite the stay-at-home orders sparked by the coronavirus pandemic, the underground economy has recovered as unemployment rates continue to fall. The submarket occupancy rate was 94.5% and demand on the Austin subway surpassed supply from 13,484 units to 12,021 units as of the third quarter. Austin recorded 14.7% population growth from 2014 to 2019, the second fastest rate in the country. After the pandemic subsides, economic and employment growth in the metro is expected to continue.
Source: Hamilton Zanze