Source: The Bascom Group / #Apartments #Multifamily
ROUND ROCK, TX - The Bascom Group acquired a multifamily asset with over 300 units located in the growing North Austin city of Round Rock. The property offers residents great access to North Austin's major employment corridors. Debt financing was arranged by De'On Collins, John Brownlee and Charles Halladay of HFF. Sean Sorrell with HFF represented the seller in the transaction.
The property consists of 19 residential buildings and one stand-alone leasing center spread across 17 acres. The unit mix is comprised of 51% one bedroom units, 40% two bedroom units, and 9% three bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, BBQs, picnic areas and a pet park.
With the growth of the Austin MSA, North Austin continues to expand as "STEM" businesses look for space, affordability, and quality of life outside the urban core. This northern expansion and limited supply will continue to strengthen multifamily fundamentals in North Austin.
James D'Argenio, Principal for Bascom, comments, "We acquired a well-built, well-located asset benefitting from a great school system and a stable resident base. Although recently built, the interiors offer an upgrade opportunity when compared to newer, more expensive apartments."
Tony Ferrell, Director of Portfolio Operations for the Texas region adds, "North Austin and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets. The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics."