400 Kenniston Dr
Austin, TX 78752
Highland Flats · Multifamily Property For Sale · 24 Units

• Highland Flats provides investors an incredibly clean 24 unit property that has recently undergone numerous exterior upgrades. • Significant capital improvements have been made to the Property which includes new hardy plank siding, a resurfaced parking lot, low maintenance landscaping installations, perimeter fencing and lighting upgrades, as well as new paint and signage which have significantly improved curb appeal. • Currently, only one unit at Highland Flats has been upgraded to the “Designer +” level, leaving a long runway for an investor to generate significant rent premiums of approximately $100 and boost NOI by renovating the remaining units with granite counter tops, plank flooring, stainless steel appliances and updated fixtures. • Due to its excellent infill location and lack of nearby developable land sites, the submarkets multifamily supply is well below the Austin average allowing Highland Flats and the immediate area to experience strong organic rent growth. Highland Flats is being offered on an all cash basis or with the assumption of the current in-place loan which has extremely attractive terms and a year of interest only remaining. The existing financing offers excellent terms that are very competitive compared to current market rates. • Given its ideal location adjacent to the intersection of Airport Blvd and North Lamar Blvd, Highlands Flats benefits greatly from the continued years of urbanization along the two respective growth corridors. • Having seen some of the strongest job and population growth in Austin over the past 5 years the surrounding location has become increasingly more attractive than any other pocket in Austin thanks to the proximity to the Domain, Highland Mall redevelopment, and Mueller community. • The abundance of shopping, dining, and entertainment offerings in the immediate area along North Lamar, Burnet Rd., and Anderson Ln. coupled with proximity to the metro’s area employment hubs featuring Amazon, Google, Apple, IBM, and Oracle make this the ideal location for residents seeking lifestyle living. Highland Flats is positioned within the heart of the North Central submarket. With an average occupancy of 93.5% and a 3.6% year-over-year rent increase on average over the last 48 months, this submarket is performing extremely well due to its infill location and high barriers to entry. Made up of 8,273 total units, of which only 117 units were delivered over the last 12 months, the North Central submarket is well positioned to see continued rent growth given the pent up demand and low supply figures.