Presidium Group Acquires Two Multifamily Communities in Austin
- Jun 07, 2014
Austin not only won the title of the fastest growing metro area in Texas, but it is also ranked as one of the fastest growing stable employment sectors in the nation, according to a Marcus and Millichap report. Investors, such as Presidium Group, are taking note of such statistics.
Since the beginning of the year, Presidium has acquired over 2,000 apartment units in Texas and several development sites which together value approximately $100 million. Its latest acquisition consists of two Austin apartment complexes – Hidden Villas and Laurel Woods.
“With more than 100 people moving to Austin a day, it continues to be a hot market to invest in,” said Presidium Co-Chief Executive Officer Cross Moceri. “In particular, these two properties are well-positioned assets in Austin with the potential to grow rents through significant value-add renovations.”
The two properties are located along Highway 183: Hidden Villas is a 156-unit complex positioned east of Interstate Highway 35 close to retail, entertainment and employment centers, with access to all points of Austin, while Laurel Woods is a 150-unit complex, just a few miles northwest of Loop 1, in the Northwest Austin corridor near two major retail centers and a flourishing restaurant scene.
In the value-add project, the interiors and exteriors of both properties will be renovated to feature new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior upgrades will consist of improvements to the exteriors of the buildings, amenities and common areas and leasing center. A rebranding process will follow, and solar PV systems will be installed. Current amenities include a swimming pool with sundeck, fitness center, clubhouse and a children’s area for Hidden Villas, as well as a pool, fitness center and a dog park for Laurel Woods.