AUSTIN, TEXAS (September 23, 2022) – Justin Chambers, senior associate, and Scott Lamontagne, managing director of Northmarq’s Austin investment/sales team secured the sale of Mueller Crossing. The 62-unit multifamily property is located at 5020 Manor Road, Austin, Texas.
Northmarq represented the seller, a private real estate investment group, and secured the buyer, an Austin-based private real estate investment company. “The increase in interest rates have made the real estate environment look much different than it did six months ago. Fortunately, our buyer and seller were great to work with; and both were committed in getting Mueller Crossing across the finish line,” said Chambers.
In accordance with Austin’s Q2 local investment market, sales velocity is on the rise, boosting more than 40 percent after the first quarter, as recently released in Austin’s multifamily market insight report.
Mueller Crossing, built in 1969 and fully renovated over recent years, is positioned north of Downtown Austin, adjacent to the intersection of I-35 and Highway 290. The property lies near a plethora of parks, granting residents trail walking or biking access. Located only a 16-minute walk (0.9 miles) from the property, Mueller Market District shopping center contains multiple food hall style restaurants and hosts the award-winning Austin Farmer’s Market each Sunday.
Community amenities include: Gated community, swimming pool, picnic area, hammocks, dog park, landscaped courtyard, community garden, and security monitored parking space. Apartment amenities include: Walk-in closets, stainless steel appliances, granite countertops, high speed internet, in-unit washer/dryer, hardwood flooring, ceiling fans, breakfast nook, bay windows, and private deck/patio.