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Austin, Texas, November 16, 2015
Austin Capital Advisors added 294 units to the company’s multifamily portfolio with the acquisition of Villas Del Sol Apartments in the north Austin. Villas del Sol is the largest multifamily asset in ACA’s portfolio, and according to ACA Managing Director Jim Gatlin, fit the acquisition strategy ACA has employed in accumulating nearly 1,000 apartment units in Austin. “Villas Del Sol represented the profile in-line with our investment thesis to acquire assets with fragmented ownership and operational inefficiencies whereby we can enhance both the operations, and the physical asset itself which allows us to elevate rents more reflective of the market” said Gatlin. He added, ” VDS also gives us scale in a sub-market where we already owned and operate nearly 300 units, and possess intimate knowledge and real time data in that market.”
Austin Capital Advisors is a Private Equity Real Estate Investment Company, specializing in the acquisition and asset management of multifamily communities in Austin Texas. ACA and its affiliate, Austin Capital Property Managment manage nearly 1,00o units in Austin.
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Trifecta Square is a 52-unit garden-style community with approximately 37,188 square feet of rentable space located on 1.533 acres of land in north central Austin. The property consists of four, two-story buildings with pitched composition shingle roofing. Buildings are wood frame construction with brick and HardiPlank siding. Floor plans consist of 40 one-bedroom units and 12 two-bedroom units with an average of 715 square feet.
Many of the unit interiors have recently been renovated and the spacious floor plans feature 100% ceramic tile flooring throughout, upgraded countertops in kitchens and bathrooms, large walk-in closets, fireplaces, built-in wet bars, and balconies or patios. Common area amenities include a swimming pool with new pump and filter, large courtyard with playground, clothes-care center, barbeque grills, and the recent addition of a leasing office with onsite management.
*Class C properties offered the least amount of concessions yet achieved the highest occupancy rate (96.3%) amongst all multifamily classes in 2014, according to Austin Investor Interests research.
*According to Berkadia Research, effective rents in Austin will rise 4.5% percent in 2015, to $1,185 per month. Rents advanced 3.9% in the prior four quarters to $1,085 per month as of December 2014.
*North Austin is one of the most rapidly improving submarkets in the top growth city in the nation, with the Mueller redevelopment (4.2 million square feet of office, retail, medical mixed use space) transforming the area with excellent job opportunities for residents.
*ACC Highland – Austin Community College’s newest, largest, and most innovative learning facility, housed in what was previously Austin’s Highland Mall, is less than two miles from Trifecta. The 200,000 SF first phase opened in 2014 and has the capacity to serve 6,000 students. Phase II planning is underway and could potentially serve 25,000 students.
*Outsized employment and population growth will continue to drive new housing demand in the metro. In 2014, approximately 47,500 more people have made Austin their home, including 13,000 individuals in their prime renting years.
*Hiring will accelerate in 2015 with 39,400 positions created for a 4.3% increase in Austin total employment, driving robust apartment absorption.
TRIFECTA SQUARE APARTMENTS
Property: Trifecta Square Apartments
Date Acquired: April 15 2015
Acquisition Price1: $3,415,000
Location: Austin, Texas
Cap Rate: 6.43% (purchase
Loan Amount2: $2,600,000
Investor Equity: $1,330,000
ACA Equity: $175,000
Projected Hold Period: 5 years
Pro Forma Yr. 1 CoC: 7.8%
Pro Forma 5-Yr. Avg CoC: 8.5%
Pro Forma IRR: 16.1%
Equity Multiple: 1.96x
Type: Class C+ Multifamily
Current Occupancy: 98.0%