AUSTIN--Passco Cos. Inc. has acquired Lone Oak Apartments, a recently completed 304-unit, class A garden-style multifamily community located in Round Rock, according to Gary Goodman, senior vice president acquisitions at Passco Cos.

“Lone Oak is Passco's first acquisition in the Austin market, and it's an investment that we are thrilled about, especially since we have been seeking a property acquisition in this market for some time,” Goodman told GlobeSt.com. “The Austin market has demonstrated tremendous economic strength in recent years, with major contributing factors including its prestigious University of Texas, the city's ample government employment opportunities, and its booming technology industry. 

According to Goodman, Lone Oak Apartments was completed in 2014, and is currently 92 percent occupied.

“The area's booming IT industry and a recent surge in development will continue to fuel the expansion of Austin in the coming years,” he says. “In fact high tech employment is up 30 percent since 2010, contributing to the area's low unemployment rate of only 3.5 percent, which is far below the current U.S. national average.”

The property consists of 16 three-story buildings, with one-, two- and three-bedroom floor plans. Units include vaulted ceilings, granite kitchen countertops, stainless-steel appliances, full size washer and dryers, large direct access garages, garden tubs, gourmet kitchen areas, intrusion alarm systems, private patios and spacious walk-in closets.

The property also features a variety of amenities including a clubhouse, business center, billiards/game room, cyber café bar, poolside BBQ grills, resort style swimming pool, pet park and fitness center.

“The asset offers luxury amenities and unit features, as well as spectacular views from its southern-facing units, which are extremely rare in the Austin market,” Goodman says.

Chris Black of KeyBank Real Estate Capital's commercial mortgage group arranged the financing through Fannie Mae for the acquisition of the property.