Creekstone principal Marc Goldstein tells GlobeSt.com the partnership acquired Alexan Congress, a 253-unit, multifamily property in one of Austin's trendiest neighborhoods, for $33 million and will close on two more class A complexes in Houston and Austin by the end of this month. He's not pinpointing what's being bought, except to say a 400-unit complex in Houston is under contract and will close by March 31 while the Austin property, a 260-unit buy, should close by March 15. The triple acquisitions will put more than 900 units under Creekstone's control.
"Because of tremendous growth among Austin's major corporations, universities and government sector as well as the city's excellent quality of life, we believe the Austin market is about to explode," Goldstein says, explaining the decision behind the partnership's decision. "That growth, coupled with the infill location of Alexan Congress, makes this an ideal acquisition for our portfolio."
The Alexan Congress has been renamed to SoCo at 1007, part of the requirement for an acquisition of the brand from Atlanta-based Trammell Crow Residential. The property at 1007 S. Congress Ave. is part of the capital's trendy So-Co district. The asset comes with 7,433 sf of street-front retail.
Goldstein says the partnership selected the property because of its potential to be converted into condominiums. Although plans are to retain the property as rental units, he says the partnership may decide to convert them into condos within three years.
The gated complex, built in 2001, was 93% occupied at sale time. The one-, two- and three-bedroom units feature gourmet kitchens and master suites with garden tubs and walk-in closets and the Alexan amenity trademarks for the overall development.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.