Source: JoCo Partners / #Apartments #Multifamily
AUSTIN, TX - Private equity real estate firms JoCo Partners and The ValCap Group teamed up to acquire two off-market apartment communities in the sought-after Anderson Mill neighborhood of Austin, TX. Westwood Apartments was built in 1983 and consists of 152 rental units, while Audubon Square was built in 1986 and consists of 164 units.
The joint-venture plans to combine Westwood Apartments and the adjacent Audubon Square Apartments into a single 316 unit garden style community called The Lantern. This upscale community, near the highly acclaimed Westwood High School in the Round Rock School District, will include upgrades and additions to the community amenities.
The renovation plans include high-end interior improvements to all the apartment units, including granite countertops, stainless steel appliances, and mosaic backsplash tiling. One of the existing offices will be converted into a clubhouse available for use to the community residents and a mega fitness center to include outdoor spinning, a yoga center and a fully equipped weight and cardio room.
There will be extensive exterior renovations to the three pool areas, the addition of an outdoor grilling station and the inclusion of game areas for kids and families. For pet lovers, the construction team will create a dog park as well as a dog washing station that will be open to all residents.