May 3, 2019
Camden Property Trust struck a deal with Dinerstein Cos. to acquire The Millennium Rainey, a 326-unit trophy asset in downtown Austin’s historic Rainey Street district. Dinerstein developed the certified LEED Gold-level green building, which opened in 2016. Patton Jones with NKF represented the seller.
Jones indicated that the transaction represented an ideal opportunity for the buyer to be a part of the Austin CBD’s multifamily market. “The Rainy Street district continues to transform into one of the most desirable downtown Austin neighborhoods,” he added.
Located at 91 Rainey St., the Millennium Rainey has one and two-bedroom units ranging from 522 to 1,382 square feet. Amenities include a clubhouse, cybercafe, on-site dining, barbecue/picnic area, a fitness center and rooftop infinity edge pool.
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