Overview
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Park Plaza consists of 62 units and is located at 829 Park Plaza Dr in Austin, Texas, on a large, low density site just over 3 acres. The property offers a range of community amenities, including a swimming pool, on-site laundry facilities, a park and playground with barbecue and picnic area, and ample surface parking. Interior features include as ranges, walk-in closets, and vaulted ceilings in all second story units, providing residents with functional and attractive living spaces. Positioned in North Austin, Park Plaza offers convenient access to I-35 and is proximate to area schools, parks, and major employment centers in The Domain and Northeast Austin. The property has been well maintained and provides much needed workforce housing.
Investment Highlights
- Value-Add Opportunity – Under Performing Asset in Central Location With Potential to Reduce Taxes by Partnering With a Non-Profit
- Out-of-State Owner Since 2019 – With Recent Management Change Leaving Upside For Rents and Occupancy
- Low Basis – Below $100k / Unit, Reflecting Pre-Pandemic Pricing Levels
- Highly Affordable Rents for Much Needed Workforce Housing – Nearly 20% Below Average One Bed Rent in NE Submarket and 40% Below Average One Bed Rent in Austin Metro
- Existing Low Density With Redevelopment Upside – GR-MU Zoning Allows up to 1:1 FAR on a 3-Acre Site So Density Could Potentially Be Increased More Than 3x
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Sales Team
