Boutique M-F Asset Attracts Buyer From Down Under
- Jun 17, 2015
Austin’s flourishing economy attracts investors around the country, and in recent years international players have started taking notice, too. Recently, Australian real estate fund manager EG Funds Management purchased its first property in downtown Austin.
The Australian investment manager bought SoCo I & II, a 59-unit boutique multi-family community, from Artesia for an undisclosed price. At the time of the sale, the property was 98 percent occupied. HFF marketed the asset on behalf of Artesia. The investment sales team was led by Director Matt Pohl, Senior Managing Director Sean Sorrell, and Ryan McBride, a senior real estate analyst .
Located at 3504 and 3508 Alpine Circle between South Congress and 1st Street in South Austin, SoCo I & II was completed in 1972 and renovated most recently in 2014. The neighborhood is one of the most sought-after in Austin because of its location five minutes from the Central Business District and near St. Edwards University. Major employers include Whole Foods Corporate Campus, Home Away, Facebook, and Cirrus Logic.
“The sale of SoCo I & II highlights the international interest Austin now receives from a global investment standpoint,” said HFF’s Pohl. ”Historically, Austin has been a focal point of investors both locally and nationwide, but throughout the last couple of years we have seen international private equity come into the market seeking investment opportunities.”