Concierge paid more than $6 million, Joe Gillespie Jr., the company's Dallas-based acquisitions director, tells GlobeSt.com. The seller was Austin Hamilton Ltd., a partnership based in Friendswood, TX.
Concierge is owned by Maxwell C. Drever, a well-known multifamily buyer based in Tiburon, CA. He formed Concierge to focus on distressed properties in Dallas, Austin, Tampa Bay Orlando, Phoenix, Portland, Seattle, Charlotte, NC and Atlanta.
The Hamilton, located at 2200 Panther Trail, is close to the intersection of Lamar and Ben White boulevards. Built in 1996, it encompasses 86,767 sf positioned on 5.2 acres.
The Austin apartment market has been coping with falling occupancy rates. At the end of 2001, the occupancy rate was 90.5%, down 6.4% for the year, according to a report from Carrollton, TX-based M/PF Research Inc. Rents were off 4.7% to an average quoted rent of $778. Developers added 9,438 units in 2001, many of them on the north side of the city and its northern suburbs.
Concierge is working with a deep-pocketed capital pool that can drive a closing in four to 30 business days. Acquisitions, for the most part, will fall between $10 million and $100 million.
Until a year ago, Drever could not buy in Texas due to a non-compete clause from his sale to Walden Residential, which is now owned by Olympus Real Estate. As soon as the handcuffs were removed, Drever started to buy, first in Houston, then Sarasota, FL and now Austin.
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