Arc Capital Partners Acquires The Establishment Apartment Community in Austin
- Dec 09, 2013
On November 22, 2013, the Los Angeles-based boutique commercial real estate platform Arc Capital Partners, formed by industry veterans Quincy Allen and Neville Rhone, entered into a joint venture with Cardinal Group Investments (CGI) to acquire an apartment community located in the South Congress submarket of Austin. The Establishment is a 139-unit residential complex located at 3501 South 1st St., only 10 minutes from downtown Austin.
“We are pleased to partner with Arc Capital Partners, and to help bring affordable, high-quality rental housing to such a vibrant community in Austin,” says Jason Luker with Cardinal Group Investments. “Neville has a strong track record of success in the Austin market, and his existing relationships and ability to move quickly were instrumental in closing on the acquisition of The Establishment.”
The acquisition was performed through an off-market transaction and the details have not been disclosed. In the upcoming months, the community will go through a series of enhancements, renovations and a rebranding process, joining CGI’s successful multifamily platform Mint Urban™. The Establishment offers one- and two-bedroom units and the community amenities include a barbeque/picnic area, pool, courtyard, clothes care center with credit card reload, and dedicated car2go parking.
“As investors in Austin for over a decade, we immediately recognized this as an opportunity to generate an attractive risk-adjusted return in a market with a growing population and employment base,” says Neville Rhone, Managing Partner of Arc Capital Partners. “We are very excited to partner with Cardinal Group Investments in our first investment since forming Arc Capital Partners. They have a demonstrated commitment to quality with the Mint Urban brand and are focused on improving the resident experience on the property.”
Photo courtesy of Mint Urban Apartments | Establishment