APARTMENT Amenities
• Resort Style Pools with Outdoor Entertainment
Space
• Close to Balcones District, The Domain
Entertainment and Shopping District
• Convenient to Apple Campus, St. David's North
Medical Center, and Austin Aquarium
• Disc Golf Course
• Pavilion with Grilling and Entertaining Space
• Outdoor Seating With Entertainment Space
• Complimentary Hospitality Bar
• Scenic Walking and Running Trail Greenbelt
• Fitness Center with State-of-the-Art Equipment
• Covered Parking and Garage Spaces Available
• Small and Large Bark Parks
• Playscape
Community Amenities
PROPERTY INFORMATION
Visit Doc Center
3401 W Parmer Ln, Austin, TX 78727
98%
Occupancy
1996
BUILT
442
UNITS
Opportunity
Property Info
Location
Photo Gallery
Contact
Doc Center
Privacy
Terms of Use
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Michael Gonzalez
Senior Director
512.226.8718
michael.gonzalez@berkadia.com
Kelly Witherspoon
Senior Managing Director
512.226.8706
kelly.witherspoon@berkadia.com
investment sales
CONTACT Info
andy hill
Managing Director
512.226.8705
andy.hill@berkadia.com
Mortgage banking
Berkadia’s Multifamily Investment Sales Team is pleased to announce the exclusive listing of Waters Park (“The Property”), a 442-unit garden apartment community ideally situated with frontage along West Parmer Lane in the heart of the Parmer Tech Corridor and minutes from Austin’s second downtown, The Domain.
Originally developed in 1996 and purchased by current ownership in 1997, Waters Park has been institutionally managed for over 25 years allowing future ownership to acquire an asset with a strong reputational history at significant scale. Spread across a sprawling site that spans nearly 53 acres, Waters Park features an extremely low density of 8.4 units per acre and a unique amenity set that pairs beautifully with scenic, mature live oaks throughout the grounds. The Property has been a beacon of demand maintaining a stable and impressive average occupancy of 97% over the last decade. Waters Park has experienced 8.4% trade-out rents over the past 12 months, and the rent disparity to renovated comparable properties showcases the tremendous potential for a major value-add overhaul to capture
additional premiums.
Waters Park is centrally located in one of the fastest growing pockets in all of Austin with respect to employment, highlighted by the Parmer Tech Corridor and The Domain which now features 2.9 million square feet of office and 2.6 million square feet of dynamic retail space. The Parmer Corridor is home to a growing list of Fortune 500 companies that have recently relocated to the area, announced plans to relocate, or released plans for a large-scale expansion. Residents are just a 5-minute drive to Apple’s campuses (7,000 Jobs), an 8-minute drive to Amazon (1,000 Jobs), a 10-minute drive to Dell’s headquarters (13,000 Jobs), and a 13-minunte drive to Samsung’s chip factory (8,940 Jobs). Additionally, Waters Park’s proximity to major arterials allows residents quick access to other notable economic hubs such as The Domain (8-minute drive) and downtown Austin (20-minute drive).
Waters Park provides an extremely rare opportunity for an investor to reimagine a large-scale, well-preserved asset through a programmatic value add overhaul within a dynamic growth corridor that will capture significant rent premiums and drive outsize performance for many years to come.
THE OPPORTUNITY
• Wood Style Flooring*
• Modern Appliance Packages
• 9' Ceilings
• Energy Efficient Solar Screens
• Walk in Closets
• Outdoor Storage
• Wide Range Sliding Glass Doors
• Private Patios and Balconies
• Ceiling Fans
• Decorative Crown Molding
• Direct Access Garages
• Full-Size Washer/Dryer Connections
• Scenic Greenbelt Views
• Expansive Soaking Tubs
• Vaulted Ceilings
• Woodburning Fireplaces
Location
Property Info
Opportunity
DOC CENTER
Terms of Use
Privacy
Photo Gallery
Contact
$1.61
Rent/SF
$1,410
effective Rent
Adam Sumrall
Director
512.960.2674
adam.sumrall@berkadia.com
Justin Cole
Managing Director
512.226.8711
justin.cole@berkadia.com
cameron hart
Senior Director
512.226.8708
cameron.hart@berkadia.com
BACK TO TOP
LOCATION
PHOTO GALLERY
Seismic Developments Lead to Billions In Commercial Development Nearby
Significant employers within a 10-minute commute consist of Dell, Amazon, Apple, Facebook, St. David’s North Austin Medical Center, HP, Emerson Automation Solutions, VRBO, NI, Indeed, Visa, Electronic Arts, Ebay, Blizzard entertainment and Cisco Systems among others.
