DAB STATS – Downtown Apartment Occupancy

Checkout the occupancy rates (as of Tuesday) for downtown Austin apartment buildings.

Monarch @ 94% or 287 out of 305 units
Legacy On The Lake @ 92% or 172 out of 187 units
Ashton Austin @ 87% leased, 83% occupied or 214 out of 258 units
Gables West @ 92% or 220 out of 239 units
Gables Park Plaza @ 38% out of 188 units

And, it’s a very safe bet that AMLI Downtown (220 units) and AMLI on 2nd (231 units) are hovering between 95-98% occupied.

Our empirical data suggests that lease rates at apartment buildings are hovering in the ball park of $1.75 per rentable foot, on average, net of incentives.  MLS statistical reports for year-to-date downtown Austin condo leases corroborates this, reporting $1.88 per foot, on average, and ranging from $1.00-$2.40psf.  In 2008, before many of our new apartment buildings were completes, lease rates were even higher.  With no new projects on the horizon, and a strong demand for the urban life style, expect downtown lease rates to remain stable.

-Jude

Congrats To Emily – She Had A Boy!

Congrats To Emily – She Had A Boy!

Hooray for downtown Austin families! While walking on the trail yesterday, we discovered this banner hanging from the Legacy apartments We don’t know Emily, but we couldn’t resist helping her family with the announcement!

Gables Pressler

Yesterday, I headed over to the nearly completed Gables Pressler apartments on W 5th Street.  Located just a few blocks east of another new Gables development, 5th Street Commons, Pressler is being marketed as Gables most “green” project in Austin.

5th Street, west of Lamar, has evolved rapidly.  In less than a year we’ve seen the addition of dozens of new retail shops filled with local businesses along with hundreds of new residents and pedestrians improving what had been nothing more than a wide boulevard that connected Mopac to Lamar.

Ad for Presslers Garden, in the 1887 Austin City Directory

Ad for Pressler's Garden, in the 1887 Austin City Directory

Gables Pressler is named after Paul Pressler, proprietor of Pressler’s beer garden originally built where Gables stands today.  The chronicle has a great article on turn of the century beer gardens and goes on to say about Pressler:

“Pressler’s Beer Garden was located between the river and West Pecan Street (Sixth Street) in Old West Austin. Built around a steam brewery started by Paul Pressler in the early 1870s, it operated for more than 30 years before being swallowed by residential development. Situated on what was then the western fringe of the city, its idyllic rural location made it the perfect spot for relaxing under live oaks with a frothy mug of beer. It had a concert hall that regularly hosted touring German singing and theatrical acts. The grounds around the concert hall were landscaped with curving walks, ornamental shrubbery, arbors, and a fountain. The extended grounds also featured a boating ramp, a shooting club, and an alligator pond.

The location is what sells this place – it’s equidistant to West Lynn @ 12th as it is to Whole Foods or the running trails.  There are 168 units made up of studios, 1bd, and 2bd units.  The finishes are nice.  There is an interior courtyard with a pool.  The leasing agent informed me that they are offering three months free on a twelve month lease for all leases which commence by August 31st.

Pricing as of August 4th, 2009 (pdf)

Gables Pressler
507 Pressler St
Austin, Tx 78703
(map)

-Jude

Austin Ashton: More Buzz + Sneek Peek

Austin Ashton: More Buzz + Sneek Peek

Pricing for the downtown Austin apartment building, the Ashton Austin, is available Jude Galligan, 512-226-3414, judegalligan [@] gmail.com

Click here for complete Ashton Austin coverage.

Austin Ashton - Lobby Rendering

Austin Ashton - Lobby

Two weeks ago I shared some interesting facts about the Ashton – the downtown Austin apartment building which has kept a very tight lip on when it will be delivered.  Yesterday, I received an update along with some swank model photos!  According to the developer of the downtown Austin Ashton, the move-in target is now June 1st.  The model units should be ready by May 1st.

The market’s expectations are high.  I’m told the photos should be very true to the actual finishes and fixtures used.  Interestingly, several of the people who’ve contacted me about the Ashton currently live at the AMLI on 2nd.  This makes sense.  Many of my clients leasing in downtown Austin have been longing for a more traditional finish without sacrificing quality.

BONUS:
For Downtown Austin Blog readers who are preparing to lease at the Ashton, email me your name, phone, address, and I will send you an exclusive draft copy of the floor plans!

-Jude
judegalligan [@] gmail.com

More pics after the jump below!

Austin Ashton - Kitchen Rendering

Austin Ashton - Kitchen

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