{"id":1004055861,"date":"2012-12-14T08:14:37","date_gmt":"2012-12-14T16:14:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=88657"},"modified":"2021-05-14T14:12:09","modified_gmt":"2021-05-14T22:12:09","slug":"austin-apartment-community-changes-hands-in-35m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-apartment-community-changes-hands-in-35m-deal\/","title":{"rendered":"Austin Apartment Community Changes Hands in $35M Deal"},"content":{"rendered":"<p>By Camelia Bulea, Associate Editor<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/river-oaks-austin.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-88659\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/river-oaks-austin.png\" alt=\"\" width=\"300\" height=\"197\" \/><\/a>The Dayton-based Connor Group recently purchased 290-unit River Oaks\u2014a 40-acre gated apartment community located at 6607 Brodie Ln.\u2014for $34.6 million. Built in 1997, the property includes amenities like a pool, spa, volleyball court and basketball court.<\/p>\n<p>The multifamily deal marks the second acquisition in Austin by the real estate investment firm. The Connor Group first entered the Austin market in August, with the purchase of Camden South Congress\u2014a 253-unit multifamily property subsequently renamed Cityview at SoCo, according to the <em><a href=\"https:\/\/www.bizjournals.com\/dayton\/news\/2012\/08\/31\/connor-group-buys-apartment-property.html\" target=\"_blank\" rel=\"nofollow noopener\">Dayton Business Journal<\/a><\/em>.<\/p>\n<p>Quoting Larry Connor, managing partner at the Connor Group, the <em>Austin Business Journal<\/em> reports that the real estate company is bullish on the Austin multifamily market, and that more acquisitions are in the works. The investor is looking to raise circa $100 million in the next year to finance more acquisitions.<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/aapt.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-medium wp-image-88660\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/aapt.jpg\" alt=\"\" width=\"293\" height=\"300\" \/><\/a>In a recent market report, Marcus &amp; Millichap analysts noted that job growth across Austin metro was creating high demand for apartments, and that vacancy had dipped to the lowest point in over a decade. Marcus &amp; Millichap forecasts that, by year&#8217;s end, vacancy will fall 90 basis points to 4 percent on a net absorption of 3,600 units, as illustrated in the chart on the left.<\/p>\n<p>Moreover, due to the low vacancy rates, asking rents jumped 3.8 percent during the last year to $911 per month.<\/p>\n<p><em>\u00a0Photo rendering of River Oaks, courtesy of www.riveroaksaustin.com<\/em><\/p>\n<p><em>Chart courtesy of Marcus &amp; Millichap Research Services<\/em><\/p>\n<p>For more news from Austin,\u00a0<a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-employment-growth-in-austin-outpaces-both-state-and-nation-leading-to-voluminous-rent-increases\/1004064640.html\" target=\"_blank\" rel=\"nofollow noopener\"><strong>click here<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Dayton-based Connor Group recently purchased 290-unit River Oaks&mdash;a 40-acre gated apartment community located at 6607 Brodie Ln.&mdash;for $34.6 million. Built in 1997, the property includes amenities like a pool, spa, volleyball court and basketball court. The multifamily deal marks the second acquisition in Austin by the real estate investment firm.<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[39411,1815],"class_list":["post-1004055861","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest","tag-austin","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Austin Apartment Community Changes Hands in $35M Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/austin-apartment-community-changes-hands-in-35m-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Austin Apartment Community Changes Hands in $35M Deal\" \/>\n<meta property=\"og:description\" content=\"The Dayton-based Connor Group recently purchased 290-unit River Oaks&mdash;a 40-acre gated apartment community located at 6607 Brodie Ln.&mdash;for $34.6 million. Built in 1997, the property includes amenities like a pool, spa, volleyball court and basketball court. The multifamily deal marks the second acquisition in Austin by the real estate investment firm.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/austin-apartment-community-changes-hands-in-35m-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-14T16:14:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-14T22:12:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/river-oaks-austin.png\" \/>\n<meta name=\"author\" content=\"Camelia Bulea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/austin-apartment-community-changes-hands-in-35m-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/austin-apartment-community-changes-hands-in-35m-deal\/\",\"name\":\"Austin Apartment Community Changes Hands in $35M Deal - 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