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Austin's Railyard condo project sold for $104M to LA real estate firm

The 70,694-square-foot property sold for $1,471 per square foot.

AUSTIN, Texas — Editors Note: The attached video is a part of the Boomtown2040 series.

The Railyard condominiums have been sold to Los Angeles-based Karlin Real Estate for the price of $104 million, according to a report from our news partners the Austin American-Statesman.

The property contains 112 units spanning two adjacent half city blocks on East Fourth Street.


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According to the Statesman, Connie Heyer, the condominium's homeowner's association legal counsel, wrote a letter to the owners that included a spreadsheet showing what percentage share of sales proceeds should be distributed to each unit based on appraisal.

A Railyard resident told the Statesman that the prices units received ranged from $540,000 to $1.6 million.

Local real estate experts told the Statesman that at $1,471 per square foot, they believe it to be a record for Downtown Austin land.


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Downtown landowner and developer Perry Lorenz said a sale close to $1,500 per square foot would be more than twice the highest sale price paid last year, according to the Statesman.

The Statesman reported the listing was made through the commercial real estate firm CBRE.

CBRE Senior Vice President John Barksdale predicted last year that the offering would attract interest from both national and international prospects, according to the Statesman.

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