AUSTIN—HFF has closed the sale of SoCo I and II, a 59-unit, boutique multi-housing community located in Austin.

HFF marketed the asset on behalf of Artesia. EG Funds Management purchased the property for an undisclosed amount. 

“SoCo brought about tremendous interest, locally, nationally and in this case, internationally,” HFF director Matt Pohl told GlobeSt.com. “I don't think it's any secret that Austin is a hot market, and when a deal as well located as SoCo comes to market, it creates a highly competitive bidding process. This asset was no different.”

SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1^st Street in the South Austin submarket, near downtown and St. Edwards University. Most recently renovated in 2014, the boutique community consists of a pair of two-story buildings situated on 1.35 acres and was 98 percent occupied at closing. 

Pohl led the HFF investment sales team representing the seller along with senior managing director Sean Sorrell and senior real estate analyst Ryan McBride.

“The sale of SoCo I & II highlights the international interest Austin now receives from a global investment standpoint,” says 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. That is a big deal for Austin and provides insight into just how attractive the area has become from an investment standpoint.”