Knightvest Capital is acquiring three multifamily communities, totaling 1,027 units, in Silicon Hills in the Austin area.
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The three communities are the 411-unit Enclave at La Frontera, built in 2004; the 366-unit Lakeside at La Frontera, built in 2001; and the 250-unit Legends Lake Creek, also built in 2001. The communities will be renamed Brixton, Calder and Sutton, respectively.
Knightvest has plans to renovate the residential communities, bringing improvements to “the exterior, common area amenities, and a subset of the unit interiors,” according to a press release.
The company did not disclose purchase prices for the properties.
“We acquired this portfolio at a significant discount compared to similar type deals,” CEO David Moore said in an emailed statement to Bisnow.
Austin’s multifamily market is seeing “healthy” demand this year, according to a second-quarter report by Cushman & Wakefield, with occupancy gains reaching 6,240 units, up from 4,240 units gained in Q1.
“The strong leasing performance reflected Austin’s continued appeal as a destination for household growth and employment expansion,” the report said.
The Silicon Hills corridor in particular is near employment areas, including Dell’s world headquarters in Round Rock and nearby facilities for Apple, Samsung, Amazon and the Texas Children’s Hospital.
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