The Monarch apartment complex on fifth street was sold to Windsor Communities this week for a price rumored to be just over $100 million.
The Monarch has an amazingly complex history for such young building. It was a rental building and then a condo project and then a rental building again. When it first hit the market, it took a long time to fill up. Eventually, the building did become fully occupied only to reportedly lose tenants after large rent increases — as high as 30 – 50% — for some units previously benefitting from concessions.
And now, the building belongs to Windsor which also acquired Legacy on the Lake this spring. The downtown Austin rental market is very, very strong right now, so additional transactions may occur as sellers take advantage of higher valuations and buyers acquire property to quickly enter the attractive Austin market.