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- LoopNet Team
300 Ferguson Dr
Austin, TX 78753
Lotus Village · Multifamily Property For Sale
·
222 Units
INVESTMENT HIGHLIGHTS
- Located in North Austin submarket, in close proximity to the Tech Ridge Corridor, the Domain and all major area employers
- 222 Units at an Average of 922 SF per unit
- Tours Available Now
- Exclusive Value-add Opportunity, primed for an interior renovation package
- Average Rents are $1,220 ($1.32/SF)
EXECUTIVE SUMMARY
NorthMarq is pleased to present Lotus Village, an asset consisting of 222 units located in Austin, Texas. Lotus Village is located near both the Domain shopping center – a high density office, retail and residential center, and the Tech Ridge Center – a hub of high technology employment, shopping and dining. Given Lotus Village’s strategic location, the property is ideally positioned to create significant upside potential for a value oriented buyer. Lotus Village, built in 2012, is poised for significant value creation through renovation of interior units and a light refresh of the exterior and updating amenities. NorthMarq believes Lotus Village’s renovated rent potential could increase in place rents by $234. The average in-place rent at Lotus Village is $1,220 or $1.32 per square foot. Its competitors rent renovated units at $1.54 per square foot demonstrating the potential to rent Lotus Village’s post renovated units at $1,454 per month.
PROPERTY FACTS
| No. Units | 222 | Building Size | 204,672 SF |
| Property Type | Multifamily | Average Occupancy | 83% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built | 2012 |
| Building Class | B | Parking Ratio | 2.02/1,000 SF |
| Lot Size | 8.12 AC | APN / Parcel ID | 568794 |
| No. Units | 222 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 8.12 AC |
| Building Size | 204,672 SF |
| Average Occupancy | 83% |
| No. Stories | 4 |
| Year Built | 2012 |
| Parking Ratio | 2.02/1,000 SF |
| APN / Parcel ID | 568794 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Refrigerator
- Patio
SITE AMENITIES
- Business Center
- Clubhouse
- Fitness Center
- Playground
- Pool
- Corporate Suites
- Gated
- Gameroom
- Grill
- Pet Play Area
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 84 | - | 700 - 749 |
| 2+2 | 114 | - | 1,000 - 1,040 |
| 3+2 | 24 | - | 1,239 |
