CIM Group Acquires Austin Community
Located near the Parmer Tech Corridor, the property was completed in 1995.
Onyx183 is located 20 minutes from downtown Austin. Image courtesy of CIM Group
CIM Group has grown its multifamily presence in the Austin, Texas, metro with its acquisition of a 390-unit community. The firm purchased Onyx183 alongside a partner whose identity could not immediately be confirmed. According to Yardi Matrix data, the seller was Waterton, which purchased the community from Northland Investment Corp. in 2019.
Onyx183 was built in 1995 and offers one-, two- and three-bed floorplans ranging from 602 to 1,352 square feet. The units were built with walk-in closets and garden tubs, while select homes also have private balconies and yards, wood-burning fireplaces and washers and dryers. The community’s amenities include a pet park, fitness center, two swimming pools and a picnic area with barbecue grills. The previous owner had partially renovated some of the units by upgrading them with stainless steel appliances, new cabinets and updated bathrooms. According to Yardi Matrix data, the community is 93.6 percent occupied.
Located at 6800 McNeil Drive, the community provides residents with a 20-minute commute to downtown Austin and a 10-minute drive to The Domain shopping center. The community is also located approximately one mile from West Parmer Lane, better known as the Parmer Tech Corridor. Fortune 500 and tech companies with a presence in the area include Apple, General Motors, PayPal, Oracle, HP and Amazon.
Shifting into Austin multifamily
The Los Angeles-based CIM Group’s portfolio stretches across the U.S., but the firm has been active in the Austin market. The firm’s Austin assets mostly consist of office properties, though the firm also has several multifamily projects in the area.
In 2015, CIM Group and Seaholm Power redeveloped a former power plant into the Seaholm Power Plant mixed-use redevelopment. That property now includes office, residential, retail and community space. More recently, the firm completed construction on The Independent in July 2019, adding 363 units to the Austin metro with a luxury condo tower reaching 58 stories.
