Source: FCP / VaultCap Partners
AUSTIN, TX - FCP and VaultCap Partners announce the acquisition of Huntington Meadows apartments, a 200-unit multifamily property at 7000 Decker Lane in Austin, Texas. Huntington Meadows is the first acquisition in Austin for both FCP and VaultCap and was sourced through an off-market opportunity based on an existing relationship. Terms of the transaction were not disclosed.
"Huntington Meadows provided FCP with an excellent opportunity to enter the Austin market with a well-located affordable property in a quickly growing submarket with limited supply," said FCP's Cole Kellogg. "Huntington Meadows will be our third investment alongside VaultCap. Our commitment to and experience with a large portfolio of affordable and moderate-income properties provided us with the background to get TDHCA approval to operate this mixed affordable asset."
Huntington Meadows is the 18th multifamily investment for FCP in Texas over the last 4 years.
"Mark (Christ) and I are incredibly excited to continue our FCP relationship with the Huntington Meadows acquisition. To be able to enter the Austin market with an asset of this quality and attractive basis is a real boon for our firm," said VaultCap Partners' Ryan Heddleston.
Huntington Meadows provides residents with excellent access to major Austin highways including I-35, I-183, and I-13 with connections to major employers Tesla, Austin-Bergstrom Airport, NXP Semiconductors, and the Decker Lane Industrial area. The community is proximate to restaurants, retail, and service providers with immediate adjacency to the 208-acre Colony Park redevelopment that will result in up to 3,000 homes, grocery-anchored commercial and retail space, and a transit center with the potential for a MetroRail station to connect to downtown Austin.
FCP and VaultCap extend their appreciation to Wes Racht, Bard Hoover and Nick Fluellen of Marcus & Millichap for their representation of the seller.