Offered on the Assumption of the Existing, Potentially Resizable Loan of on an All Cash Basis for a higher price(Ask Broker for Details)
PENBROOK CLUB is a 90% occupied "B-" apartment community in a "B" area of Northeast Austin. Penbrook offers investors an attractive, well-positioned asset in Austin's growth path. Rental rates in the area have increased by approx 16% overall in the last 2 years. The community spans 4.48 acres and consists of 160 units in 9 buildings with pitched roofs and brick and hardi-plank siding. All units are comfortably appointed with individual controlled AC/Heat, individual hot water heaters, fully equipped kitchens, tile surround tubs in bathrooms, faux wood style flooring, outside storage, washer and dryer connections as well a a patio or balcony.
LOCATION: The property is well located in northeast central Austin, Texas in the heart of the beautiful Texas Hill Country. Austin is the Capitol of Texas and is a dynamic community in the thriving Central Texas region and is home to approximately 2 million residents. Austin is approximately 80 miles northeast of San Antonio, 160 miles northwest of Houston and 195 miles southwest of Dallas. The property has frontage on the well traveled Hwy 290 East Feeder Road allowing for good visibility from the highway. US 290, IH‐35 and US 183 allow quick access to the major employment in the area. It is a short 3.7 miles northeast of the University of Texas Campus (the 5th largest University in the U.S.) and 4.7 miles northeast of downtown Austin. Penbrook Club's location puts it in the middle of Austin's growth north.
AREA GROWTH: Austin boasts the lowest unemployment rate in the state of Texas at 3%. Austin has been experiencing urban sprawl for the last few years due to the rising cost of housing within the CBD. That sprawl has been to the north of Austin. New Businesses have followed the trend and are developing north of the CBD as well, workers want to live close to major employment, therefore area rents have been on a steady increase. Penbrook is conveniently located to Austin's major employment such as Mueller and ACC Highland Mall re‐developments and the new Domain Market (which features 100 upscale and mainstream retail stores and restaurants) and the Dell Children'sMedical Center are all within 2 miles of Penbrook Club.