Portfolio Assets Spread Over Five Fast-Growing Cities
Ascenda Capital and American Landmark Apartments acquired a $311 million property multifamily portfolio with assets located in Texas’ fastest-growing markets–Austin, San Antonio, Houston, Irving and The Woodlands.
AUSTIN, TX—Ascenda Capital, in partnership with American Landmark Apartments, arranged the acquisition of a six-property multifamily portfolio of properties across Texas consisting of 2,284 units. The multifamily communities, located in five of the Lone Star State’s fastest-growing markets–Austin, San Antonio, Houston, Irving and The Woodlands–were acquired from Provident Realty Advisors for a total consideration of $311 million.
The firm with which Ascenda partnered, American Landmark, owns approximately 25,000 apartments throughout the Southeast and Texas. It plans to add another $2 billion in properties to its growing multifamily portfolio this year.
Ascenda invested as a limited partner in the transaction and dealt directly with the sellers in this off-market acquisition. The acquisition represents Ascenda’s ninth investment in multifamily assets since its founding last year, further evidence of the company’s continuing commitment to building its multifamily portfolio.
Portfolio properties:
The 320-unit Hyde Park at Lake Wyndemere, 2109 Sawdust Rd., The Woodlands, renamed Artisan at Lake Wyndemere. Occupancy is 96.8%.
The 476-unit Hyde Park at Enclave, 12951 Briar Forest Dr., Houston, renamed Hayden at Enclave. Occupancy is 95.1%.
The 306-unit Manor at Castle Hills, 1835 Lockhill Selma Rd., San Antonio, renamed Alon at Castle Hills. Occupancy is 97.7%.
The 350-unit Hyde Park at Ribelin Ranch, 9900 McNeil Dr., Austin, renamed Asten at Ribelin Ranch. Occupancy is 96%.
The 576-unit Hyde Park at Wells Branch, 2801 Wells Branch Pkwy., Austin, renamed Beck at Wells Branch. Occupancy is 93%.
The 256-unit Lakepointe at Las Colinas, 5353 W. Las Colinas Blvd., Irving, renamed The Blvd. Occupancy is 96.8%.