- Infill Location Poised for Continued Growth (Average Home Price is $457,990)
- Extensive CapEx Invested
- 14 Years Remaining on Roof Warranty
- Third-Party Management Willing to Remain
- Offered with 4.46% Assumable Agency Debt or Free & Clear
Infill Location Poised for Continued Growth
Crestview Place is located in a dense infill location in close proximity to employers and entertainment districts such as CBD, The Domain, and Mueller. Higher education campuses such as Austin Community College and University of Texas are also nearby, as well as convenient public transportation. This location is poised for continued growth, as evidenced by the recent development of class A apartments, renovated shopping centers, and the growing number of residential homes being renovated. The 78752 zip code has an average home value of $457,990 (according to Zillow) and is poised for growth with the recent announcement of the St. John Site (a mixed-use, mixed-income property with walking trails) and the partnership between MD Anderson and University of Texas bringing a new hospital with a projected cost of $2.5 billion.
Extensive CapEx Recently Invested
Approximately $600k in improvements have been completed since 2017. Recent improvements include water heater replacement, a new exterior electrical box mount, new metal railing on the breezeway and stairs, stainless appliances, and brushed nickel fixtures. All HVAC units were replaced between 2018 and 2020, and the exterior stucco was repaired and painted in 2019. The roof was replaced in 2017 (replaced decking and installed new ISO Board) and has 14 years remaining on the warranty. Thirteen of the fourteen units have been renovated to a “platinum plus” finish.
Third-Party Management Willing to Remain
The property is currently managed by a third-party partner, which may be willing to remain on board for new ownership. This allows for a seamless transition, especially for owners new to the Austin market.
