CIM Group has grown its multifamily presence in the Austin, Texas, metro with the acquisition of a 390-unit community. The firm has acquired Onyx183 alongside a partner whose identity could not immediately be confirmed. According to Yardi Matrix data, the seller was Waterton, which purchased the community from Northland Investment Corp. in 2019.
Onyx183 was built in 1995 and offers one-, two- and three-bed floorplans ranging from 602 to 1,352 square feet. The units were built with wood-style flooring, quartz countertops, walk-in closets, garden tubs, while select homes also have private balconies, private yards, wood-burning fireplaces, and washer and dryers. The community’s amenities include a pet park, fitness center, two swimming pools and a picnic area with barbecue grills. The previous owner partially renovated some of the units by upgrading them with stainless steel appliances, new cabinets and updated bathrooms. According to Yardi Matrix data, the community is 93.6 percent occupied.
Located at 6800 McNeil Drive, the community provides residents with a 20-minute commute to downtown Austin and a 10-minute drive to The Domain that’s known as a second downtown to the city. The community is also located approximately a mile away from West Parmer Lane, that’s better known as the Parmer Tech Corridor since it’s home to many Fortune 500 and tech companies including Apple, GM, PayPal, Oracle, HP and Amazon.
Shifting into Austin multifamily
The Los Angeles-based CIM Group’s portfolio stretches across the U.S., but the firm has been active in the Austin market through several acquisitions, management or development of multifamily, office and retail properties. While CIM Group’s Austin portfolio mostly consists of office properties, the firm has tackled several multifamily projects in the market as well.
In 2015, CIM Group and Seaholm Power LLC redeveloped a former power plant into the Seaholm Power Plant mixed-use redevelopment that now includes office, residential, retail and community space. More recently, the firm completed construction on The Independent in July 2019 adding 363 units to the Austin metro in a luxury condo tower that reaches 58 stories tall.
