Source: Silverstone Partners
AUSTIN, TX - Silverstone Partners announced it has acquired SeventyTwo 27 Apartments, a value-add multifamily community located in the Windsor Park neighborhood of Austin, Texas.
The acquisition of the Property is aligned with Silverstone's investment strategy to acquire multifamily communities with meaningful value-add upside potential in high-growth US markets. Originally constructed in 1984, the Property is comprised of 160 apartment units across ten garden-style buildings on five acres, and includes studio, one- and two-bedroom layouts.
The Property offers a compelling opportunity for Silverstone to execute a specific business plan to make key improvements to both the interiors and exterior, including a resort-style pool and other community amenities. These improvements are expected to create value for all stakeholders, most of all both current and future residents.
Austin is one of the fastest-growing major metros in the US, with the city's expansion driven by a large and rapidly growing technology sector and significant in-migration of new residents. These dynamics are creating significant tailwinds for multifamily real estate, further supported by the strong demand for well-located, affordable living space. Silverstone's analytics-driven approach identified Windsor Park as an attractive neighborhood for multifamily investment, along with 100 other neighborhoods in key US markets.
Manoj Ramprakash and Adam Brueckner, Managing Principals at Silverstone, said, "We are thrilled to launch Silverstone Partners with this terrific opportunity and look forward to building successful partnerships with our key stakeholders. The Property will greatly benefit from more active asset management and a refresh of both the interiors and exterior. This acquisition represents an important milestone for the launch of Silverstone, and we expect to deploy over $100 million of equity over the next two years into these types of opportunities."