AUSTIN, TX—ARA, A Newmark Co., has revealed that 40 Hyde Park, a 10-unit asset located in the North Campus/ Hyde Park area of Austin, has changed hands. Executive managing director, Andrew Shih, and senior managing director, James Young, represented the seller, Artesia located in Austin.
The undisclosed buyer was a private investor also from Austin. According to Shih, “The property is in a superior location so it was no surprise we had immediate interest and were able to put it under contract pretty quickly.”
Young adds that “High demand in this area has led to historical occupancy consistently near 100% and while the size of the property was new to this buyer, the property's location
was a key selling point.”
Constructed in 1972, 40 Hyde Park is a trendy, 1970s vintage, gardenstyle apartment community comprised of 10 efficiency units. It is situated on a unique infill lot in the Historic Hyde Park District, Austin's oldest neighborhood.
Unit amenities for 40 Hyde Park include new gas stoves and countertops, upgraded light fixtures and two inch faux wood blinds as well as accent walls.
The property is located within minutes of the University of Texas and Austin's central business district and next door to the Hancock Golf course.
A number of great restaurants are less than one mile away from Hyde Park on Duval Road and they include Hyde Park Bar & Grill, Mother's Cafe and Garden, Julio's Cafe and Asti to name a few.
The nearby Hancock Center provides access to the HEB grocery and a variety of other stores including 24 Hour Fitness, PokeJo's Barbecue, Sears, PetCo and Twin Liquors.
There is an employment base of 164,040 jobs within a five mile radius of Hyde Park, according to a prepared release. Major employers in the area include the University of Texas, St. David's Healthcare, Seton Healthcare and Austin Studios.
Austin Community College's Highland Mall campus, also nearby, concluded renovations in the fall of 2014 which included 200,000 square feet of instruction space and housing for 6,000 students.
Rackspace is another major employer that plans to relocate operations to the area bringing more than 600 employees with plans to add an additional 500 jobs over the next 10 years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
