An approximately 20-acre infill redevelopment site in Austin’s East Riverside Corridor is headed to auction, with bidding scheduled to open on June 24. The offering includes the existing 562-unit Mia Riverside multifamily community and is presented with a starting bid of $9.5 million.
The property is located at 1601 Royal Crest Dr, in a corridor described as one of the last large-scale redevelopment areas in this part of Austin. The East Riverside location is minutes from Downtown Austin, the Oracle campus, Lady Bird Lake and Austin-Bergstrom International Airport, positioning the site close to major employment, recreation and transportation nodes.
The tract is characterized as an infill opportunity poised to benefit from ongoing transit-oriented redevelopment activity in the East Riverside Corridor. The area is also expected to see tailwinds from Austin’s planned light rail expansion, which is anticipated to enhance connectivity and accessibility for residents and future users of the corridor.
LXMI Capital and Nirvana Capital Group acquired the Mia Riverside apartment complex two years ago, and the property is now being brought to market as part of the broader redevelopment site. The inclusion of a large existing multifamily community within a sizable infill tract underscores the scale of the potential repositioning or redevelopment that could occur, subject to buyer strategy and market conditions.
The auction is being conducted through RI Marketplace, a commercial real estate auction platform that emphasizes competition among bidders, pricing transparency and certainty of execution. Colliers is partnering on the marketing of the opportunity, supporting exposure to prospective investors seeking infill multifamily and redevelopment plays.
Interested parties can register online to participate in the June 24 auction process through the RI Marketplace platform. Additional information on the property, auction terms and bidder requirements is available via the registration link provided in the original announcement.
