Multifamily Buy is Part of Value-Add Investment Program
The Falconhead Apartments acquisition is part of SWBC Real Estate’s value-add investment program, where SWBC plans to further upgrade the 248 rental units in the coming months.
AUSTIN, TX—SWBC Real Estate, in a partnership with International Capital LLC, has acquired Falconhead Apartments from Connell Real Estate & Development Company. The purchase price was undisclosed.
The property is located on Ranch Road 620 in west Austin near Lake Travis. Falconhead was 94% occupied at the time of closing.
During the past few years, the seller invested approximately $4 million into the property. The acquisition is part of SWBC Real Estate’s value-add investment program. In the coming months, SWBC Real Estate plans to further upgrade the rental units, bringing the property up to today’s standards.
Falconhead Apartments were originally built in 2003. The garden-style community includes 248 units consisting of one-, two- and three-bedroom apartments.