New Tech Ridge Property Finds Buyer

Marcus & Millichap’s division Institutional Property Advisors (IPA) arranged another sale in Texas.

By Anca Gagiuc, Associate Editor

Bexley at Tech Ridge

Springs at Tech Ridge, a 342-unit, newly built multifamily property in North Austin, is under new ownership, according to Institutional Property Advisors, the Marcus & Millichap division that arranged the sale.

According to the property’s website, the buyer is Virginia-based Weinstein Properties, which renamed the property Bexley at Tech Ridge. IPA’s executive director Will Balthrope and director Drew Kile advised the seller and procured the buyer.

The property is located at 1200 East Parmer Lane, less than one mile east of Interstate 35 and less than four miles from North MoPac Expressway. Major employers nearby include General Motors, Dell, and Samsung.

The community consists of 21 studio, one-, two-, and three-bedroom floor plans ranging in size from 602 square feet to 1,336 square feet. Amenities include fitness center, clubhouse, community garden, dog park and pet spa, fireside outdoor lounge, pool with sun lounge and sundeck with Wi-Fi, car care area, and bike racks. Unit amenities feature patio/balcony, walk-in closets, energy efficient appliances, and washer and dryer.

“Springs at Tech Ridge is ideally located in the rapidly expanding Tech Ridge submarket of North Austin,” said Balthrope in a statement.

Kile added: “The property’s central location near major employment and retail centers, along with strong Austin market fundamentals, provided a one-of-a-kind acquisition opportunity.”

Image courtesy of Bexley at Tech Ridge