Newly constructed core multi-housing community in Austin sells

AUSTIN, May 8, 2024 – JLL Capital Markets announced today that it closed the sale of 3Waller, a 259-micro-unit, newly constructed, mid-rise multi-housing community in downtown Austin.

JLL represented the seller, Transwestern, and Placemakr acquired the asset.

Built in 2022, the studio, one- and two-bedroom micro-units, which average 467 square feet in size, feature stainless steel appliances, plentiful cabinet space, designer color schemes, a mud room, granite countertops and vinyl plank flooring. Community amenities include a resort-style pool courtyard, a Skydeck with downtown views, a dog wash station and more, providing a premium urban lifestyle for residents.

Situated at 710 E. 3rd Street Austin, 3Waller is ideally positioned on the east side of downtown Austin, offering premium walkability to Rainey Street and East Austin, in addition to the heart of downtown. The property is also just steps away from major employers, including Facebook/Meta, Google, Oracle, Indeed and Texas State Capitol, as well as entertainment districts, Whole Foods, Target and multiple restaurants. 3Waller provides residents with the option to use Austin’s active light rail, which allows an easy and affordable commute to greater Austin. Mainly, the downtown station will allow residents to quick access to The Domain, which is home to destination shopping and Q2 Stadium.

The community is across the street from the Austin Convention Center, hosting roughly half a million guests throughout the year. The venue hosts numerous major events throughout the year and is also the primary “home base” for the internationally renowned South by Southwest technology, music and film conference/festival. Recently, Austin City Council authorized the negotiation for a potential $1B reconstruction of the conventional center. Additionally, residents will benefit from the three-phase $265 million Waller Creek project called Waterloo Gateway. Upon completion, this project will feature a 1.5-mile park system that runs along Waller Creek from the Dell Medical Campus to Lady Bird Lake.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Ryan McBride, Robert Arzola, Senior Managing Director Robert Wooten and Associates Alex Fernandes and Nick Beardslee.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Placemakr is a tech-enabled operating company and real estate investor. The company transforms multifamily properties into a unique blend of apartment living and hospitality and has been the pioneer of this flexible living asset class. Placemakr’s innovative tech-enabled platform provides an unmatched experience for its guests and residents, combining the advantages of apartment living with the services and reliability of a hotel, all within a single building. Placemakr’s thoughtfully curated spaces in carefully selected neighborhoods offer guests and residents the flexibility to stay for a night, a year, or any duration in between.