AUSTIN, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of SoCo I and II, a 59-unit, boutique multi-housing community located in Austin, Texas.
HFF marketed the asset on behalf of Artesia. EG Funds Management purchased the property for an undisclosed amount.
SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1st Street in the South Austin submarket, which is one of the most highly sought after areas given its proximity to downtown Austin and St. Edwards University. Most recently renovated in 2014, the boutique community consists of a pair of two-story buildings situated on 1.35 acres and was 98 percent occupied at closing.
The HFF investment sales team representing the seller was led by director Matt Pohl along with senior managing director Sean Sorrell and senior real estate analyst Ryan McBride.
“The sale of SoCo I & II highlights the international interest Austin now receives from a global investment standpoint. Historically, Austin has been a focal point of investors both locally and nationwide, but throughout the last couple of years we have seen international private equity come into the market seeking investment opportunities. That is a big deal for Austin and provides insight into just how attractive the area has become from an investment standpoint,” said Pohl.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.