RealINSIGHT Marketplace, in partnership with Colliers, is marketing a 20-acre parcel in southeast Austin for auction. The Federal Home Loan Mortgage Corporation (Freddie Mac) owns the property. As the property’s lender, Freddie Mac took back the property from the owner who was in default. The auction is scheduled for June 24, with a starting bid of $9.5 million.
The property at 1601 Royal Crest Drive is developed with several garden-style apartment buildings built in 1968, 1970, 1971 and 1973. The buildings are vacant.
The marketing brochure maintains that the property has strong redevelopment fundamentals driven by continued population growth, employment expansion, institutional investment, and limited infill land availability near the urban core and that it’s positioned to capitalize on East Riverside’s ongoing transformation, including active transit-oriented development planning tied to Austin’s light rail expansion and increasing demand for high-density mixed-use and multifamily product.
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