AUSTIN: Three Deals in 30 Days
We knew the Austin multifamily market was hot, but if you want to buy an apartment complex, you better be ready to make a deal. (Monty Hall would be proud.) KW Commercial's Jim Young tells us he and colleague Nick Nelson closed those three deals in 30 days and have another project under contract. Jim (here with 9-month-old Morgan and 3-year-old Catie, Jim is in the center) says the properties were in escrow for about three to four months prior to closing, which is pretty darn quick. The deals include Trails at Walnut Creek Apartments, 2440 Wickersham (the seller was repped by Chris Gamel), and 2714 E Cesar Chavez.
Jim says he and Nick (above) are getting calls every week from buyers in New York City to LA, along with international investors all looking to the Austin market for deals. And, the flow of transactions is increasing in speed and volume, Jim says. The continued stability of job growth in Austin, combined with its low cost of living (compared to the rest of the country), creates a gravitational pull to this area that's magnified by the friendly business environment and mild weather. After going to college at West Point in New York, Jim doesn't miss being frozen and looking at gray skies for months at a time.