Camden Realty Trust Buys Austin Asset for $120M
- May 08, 2019
Camden Property Trust has acquired The Millennium Rainey from The Dinerstein Cos. for slightly more than $120 million. Following the deal, the property located at 91 Rainey St. in Austin, Texas, has been renamed Camden Rainey Street. Patton Jones with Newmark Knight Frank represented the seller.
The 326-unit midrise development was completed in 2016 and occupies two acres in the historic Rainey Street district overlooking the Colorado River. In November 2016, the USGBC awarded the project the LEED Gold certification for a total of 70 points. The property has direct access to Interstate 35 and is within walking distance of Austin Capital Metro. Earlier this year, Endeavor Real Estate Group and MetLife Investment Management have broken ground on The Quincy, a 30-story mixed-use tower located at 83 Red River St., a two-minute walk from Camden’s recently acquired asset.
The unit mix consists of studios and one- and two-bedroom floorplans averaging 892 square feet. The studio units, 16 in total, are reserved for low-income housing. Apartments feature full-size washer and driers, walk-in closets, high ceilings, private balconies/patios in select units, floor-to-ceiling windows, ENERGY STAR appliances and Nest thermostats. Common-area amenities include a rooftop with a fitness center, a swimming pool and a resident lounge with a demonstration kitchen, a business center, a clubhouse and a dog park.