Affordable Options Come to Workforce Renters’ Rescue
Hillside Creek offers value-add potential to CONTI’s portfolio and is within a short drive of major employers including Oracle, Google, Facebook and Cirrus Logic, as well as the state capitol.
AUSTIN, TX—CONTI Organization recently expanded its Texas footprint with the acquisition of Hillside Creek Apartments, a 268-unit complex located at 1730 E. Oltorf St., less than three miles from downtown. This is the firm’s first acquisition in the Austin market and increases its total current ownership in Texas to 30 properties and more than 8,600 units.
“Hillside Creek is an outstanding addition to our portfolio as it offers great value-add potential and is within a short drive of major employers including Oracle, Google, Facebook and Cirrus Logic, and the state capitol. With a price point significantly below new urban construction in a gentrifying part of the city, Hillside Creek offers a more affordable option to renters who need workforce housing close to employment,” said Stewart Hsu, co-founder and president of the CONTI Organization.
From a geographic perspective, Austin has always been a part of CONTI’s 10-year vision, says Carlos Vaz, co-founder and CEO of the CONTI Organization.
“For our first acquisition in one of the country’s fastest-growing and most dynamic cities, Hillside Creek aligns perfectly with our corporate focus and outlook for multifamily investments,” said Vaz. “With Austin’s population and job growth flourishing under Texas’ pro-business economy, we will continue to seek out new properties in Austin and throughout the state. Everything we do at CONTI is part of a well-thought-out process that is aligned to our 10-year vision.”
CONTI Organization is one of North Texas’ largest private multifamily property owner-operators.
“As part of the Texas Triangle, Austin in particular has been a magnet for growth,” Vaz tells GlobeSt.com. “It is an attractive, pro-business, pro-Millennial city that is being embraced by large employers and fueled by the resulting population growth.”
Built in 1981, Hillside Creek is a three-story garden-style complex that consists of 201,858 square feet on approximately eight acres. The complex has a swimming pool, 24-hour fitness center, dog park, two onsite laundry centers and covered parking. It is served by an onsite bus stop as well as the university shuttle.
Many markets in the current cycle have attracted unprecedented institutional capital, far surpassing the last cycle peak in capital markets transactions and overall liquidity. Emerging markets such as Austin have benefited from sizable geographic tailwinds and institutional-quality product being delivered to the market, according to a report by Newmark Knight Frank.