NEW BRAUNFELS, TX - Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired its fourth multifamily asset in the state of Texas within six months: Lakeview Villas, a 313-unit luxury community in New Braunfels.
The community benefits from a prime location in New Braunsfels, which has been recognized as the second fastest-growing city in the nation for the past two years, according to Jake Niles, Director of Acquisitions – West at Passco Companies.
“This opportunity to acquire this asset in a rapidly expanding city is perfectly aligned with our investment strategy of purchasing top-class multifamily properties in locations with strong long-term outlooks,” explains Niles, noting that the population of New Braunfels has increased by 58% since 2000 and at a rate of 7.2% between July 2017 and July 2018 alone. “With an average of 15 new people moving to town each day last year, the city has become a hub of growth in the heart of the Texas Hill Country.”
Niles notes that many residents are drawn to the submarket because it features tranquil surroundings of rivers, lakes, and extensive areas of greenery, while still offering close proximity to Interstate 35 and under-40-minute commutes to the two major metropolitan areas of San Antonio and Austin.
“New Braunfels is becoming a key location for those who work in San Antonio or Austin but enjoy quieter and spacious living options,” confirms Niles. “Additionally, recent and upcoming deliveries of retail, office, and mixed-use product are bringing more jobs and convenience to the immediate area, further increasing interest in the city.”
Despite the influx of commercial development, the pipeline for multifamily remains low, driving up the value of quality assets like Lakeview Villas. The community’s location within the award-winning Comal Independent School District and close proximity to the Gruene Historic District are also attractive to potential residents, notes Niles.
“The offering process was extremely competitive for this asset, with several potential buyers involved,” continues Niles. “Based on our diligence, strong industry relationships, and experience in investments with similar profiles, we were ultimately able to bolster our portfolio with this excellent addition.”
Lakeview Villas offers an impressive array of community amenities including a resort-inspired pool with tanning ledge and outdoor kitchen, poolside lounge and fire pit, state-of-the-art fitness center, tanning beds, and a resident clubhouse. It also features a lake on the grounds, surrounded by a walking trail, which can be seen from most units.
The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style flooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen, and private detached garages.
The property is located at 2090 Sundance Parkway in New Braunfels, Texas.
Will Balthrope, executive managing director, Jordan Featherston, senior associate, and Drew Garza, senior associate, all with Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), represented the seller, Koontz Corporation, in the transaction.