Casoro Capital, a new private equity company formed by the PPA Group, is open and ready to tackle the Texas multifamily world.
Bill Papp will be leading the new Austin-based company, which started rolling out its first $50M fund last week. Bill expects about 80% of its deals—exclusively Texas multifamily—will be value-add. (It’ll also do core-plus buys and opportunistic deals like bankruptcy and new construction.) It’s on a pretty aggressive timeline—he expects to raise the fund within the next 12 months, and wants to deploy it as quickly as possible.
Via PPA, Casoro has two projects already underway in San Antonio, which he calls a great, stable market. It’s building Aviator at Brooks City Base (rendered here, it's part adaptive reuse and part new construction) and the Lookout at Comanche Hill. But Dallas is its focus now because of its demographics, job growth, and large Class-B and –C inventory. Casoro already owns some properties there, and it’s wasting no time expanding that portfolio—Bill tells us Casoro’s already bid on some assets. The firm expects to close on its first transaction within 100 days.
Casoro will source deals through its parent, PPA (which also will offer its property management and software capabilities), but will also partner with other operators and capital groups. Bill just moved to Austin from Boston in December but he’s practically a local already—the bike lover has made Mellow Johnny’s his home away from home and even talked to us from its café.
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