Top 10 Austin Apartment Owners

Multi-Housing News
December 19, 2017
By Anca Gagiuc

Austin’s economic, demographic and social trends have a magnetic effect on developers and investors alike. Even though investment activity has softened compared to last year’s cycle high, some $961 million in multifamily assets have traded as of October.

After the highly successful performance of 2016, Austin’s real estate market fundamentals have slightly tempered in 2017, mostly due to a temporary surge in supply. The occupancy rate dropped to 94.6%, triggering a decline in rent growth, especially in the upscale Lifestyle segment. Investment activity has also softened, with roughly $960 million worth of apartments trading in the first 10 months of the year, about half of last year’s volume.

According to Yardi Matrix data, the metro’s top 10 apartment owners excluding private parties, boast portfolios ranging from 2,800 to 7,100 units. The total number consists of units that are in various stages of development including completed, under development and planned.

2. NORTHLAND INVESTMENT CORP.

Headquartered in Newton, Mass., the owner and property manager totals more than 23,500 units nationwide, 7,040 of which are in Austin—about two thirds of the portfolio consists of assets in the upscale Lifestyle segment and the remaining in the Renter-by-Necessity subdivision. The largest community is Monterey Ranch, a 54-building, 1,072-unit property spread on nearly 32 acres at 4701 Staggerbrush Road in Austin’s Oak Hill submarket. The massive development was completed in 1996 and consists of studio and one- to three-bedroom floorplans ranging from 498 to 1,160 square feet. Common area amenities at the controlled access community include a fitness center, business center, tennis court, volleyball court, basketball court, playground, five swimming pools, laundry facilities and 2,500 parking spaces.

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