August 7, 2020
Offers are due by August 12 on Aura Riverside, a 368-unit apartment complex in East Austin. An NKF team led by vice chairman Patton Jones is marketing the newly built property, currently at 68.5% occupancy.
In a marketing flyer, NKF describes Aura Riverside as a “trophy asset in phenomenal location along the booming East Riverside corridor, minutes from downtown Austin, Lady Bird Lake, and Austin-Bergstrom International Airport.” It’s less than two miles from Oracle’s Waterfront campus, which will employ more than 10,000, and five-and-a-half miles from the future site of Tesla’s $1.1-billion Gigafactory.
NKF also cites an affordability factor. “Renters are being pushed out of the CBD submarket due to $2,500+ per month rental rates; Aura Riverside has a strategic position in the market providing luxury living at roughly $1,700 per month.”
Austin’s East Central submarket has seen 5.9% annual rent growth, compared to 3.5% for Southeast Central, NKF says.
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