Wanted: Buyer for downtown Austin apartment tower


Highlights

The 38-story high-rise was completed in 2016.

CBRE is listing the property, which one report says could attract bids in excess of $325 million.

Overall, the average rent is $3,522 a month.

Northshore, a 38-story apartment tower in downtown Austin overlooking Lady Bird Lake, is up for sale.

CBRE, a commercial real estate services firm, confirmed it is marketing the property. High Street Residential, a subsidiary of Dallas-based Trammell Crow, and Houston-based Hanover Co., completed the tiered tower in 2016.

According to the publication Real Estate Alert, Northshore could fetch bids topping $325 million.

Located at 110 San Antonio St., Northshore has 439 apartments, 52,000 square feet of office and retail space and two garages. The commercial space is fully leased and the apartments are 97 percent occupied.

The building houses 389 market-rate units and 50 units with more moderate rents.

Monthly rents for the market-rate units range from $2,104 for one-bedroom units to $9,739 for three-bedroom units. The average rent across the project is $3,522 a month.

The two office tenants are software-coding school Galvanize and Digital Turbine. The retail tenants include restaurants Le Politique, ATX Cocina and Torchy’s Tacos.



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