2523 Durwood St

Devora Realty is pleased to present Element Studios, a 61-unit, fully-converted condo property in the heart of Austin’s coveted 78704. All 61 units are 420-square-foot studios, optimized for efficient, modern living in one of Austin’s most walkable and desirable areas. The community is gated, with pedestrian gates for easy access, and features amenities designed to enhance resident satisfaction and retention, including a community pool, outdoor spaces, and two laundry rooms.
This is a strategic opportunity for experienced investors seeking to capitalize on a property that not only functions as a multifamily asset but also offers the flexibility of legally defined condos, creating adaptable exit strategies in an evolving market.

As multifamily sales across Austin have slowed in recent years due to oversupply and negative rent growth, Element Studios has maintained a competitive edge. Its strong performance stems from a strategic focus on smaller, more affordable units within a high-demand location. Unlike many large-scale multifamily developments, these compact units offer an entry-level price point that makes them attractive to both renters and individual buyers, positioning the asset as a valuable, flexible holding in a challenging market.
With walkable access to Austin’s iconic hotspots – South Congress Avenue, South First Street, and major green spaces like Zilker Park – Element Studios is well-positioned to capture tenants who prioritize location but seek affordability. The new H-E-B at Oltorf and South Congress only amplifies this property’s appeal, adding a major retail anchor within walking distance. The property’s smaller unit sizes also align well with the growing trend toward micro-units and minimalist living, creating appeal for young professionals, downsizers, and those prioritizing lifestyle over square footage.

For investors, Element Studios represents an opportunity to enter or expand within one of Austin’s most iconic zip codes at a time when affordability and flexibility are in high demand. With legal condo status, investors have options: continue leasing for steady cash flow or selectively sell individual units as the market shifts. This adaptability, combined with the 78704’s enduring appeal, makes Element Studios a sound, forward-thinking investment in Austin’s competitive real estate market.