Northmarq finalizes sale and financing of Red River Apartments in Austin, Texas

AUSTIN, TEXAS (February 23, 2023) — Hayden Schnieders of Northmarq’s Austin investment sales office secured the sale of Red River Apartments. The 30-unit/3-story multifamily property is located at 3301 Red River Street in Austin, Texas. Northmarq represented the seller in the transaction. The property was 100 percent leased at the time of the sale.

“This transaction illustrates that even in a market with economic uncertainty and rising interest rates, investors are still targeting well-located real estate with strong underlying fundamentals,” said Schnieders. “The Austin market is resilient, with a phenomenal long-term growth trajectory, and investors understand that and remain bullish on Central Texas.” 

Cheryl Higley from Northmarq’s Austin debt team arranged the acquisition financing for the Buyer. Northmarq’s Fannie Mae DUS team was able to provide a 10-year fixed rate below 5.50% with 5 years of interest only.

“Northmarq debt platform was able to provide an array of low-cost lending options on this well located, stabilized multifamily asset. Ultimately the government agencies were able to provide the best terms available in today’s turbulent capital markets.” said Higley. 

Built in 1963, the Red River Apartments saw full interior renovations in 2017-2018, and exterior renovations in 2022. Recent interior renovations include quartz countertops, stainless steel appliances, updated flooring, tile backsplash, cable/internet connectivity, in-unit W/D, and remodeled bathrooms. The Red River Apartments is located blocks away from the University of Texas at Austin, Downtown Austin, St. David’s Medical Center, Darrel K Royal Memorial Stadium and the Moody Center, a brand new, world-class entertainment and sporting venue. 

Apartment amenities include: High speed internet access, private balcony/patio, dishwasher, walk-in closets, ceiling fans, in-unit washer/dryer, and air conditioning. Community amenities include: On-site security system, community laundry room, and courtyard.