KYLE, TX - Kansas City-based Block Funds acquired The Settlement, a 396-unit luxury apartment home community located just south of Austin. Details of the transaction were not disclosed.
The multifamily development is a Class-A property; it was completed in January 2012.
The property's leasing was completed in less than 10 months, which was fast for a 396-unit complex and compares to 16 to 22 months for similar properties. The aggressive lease-up shows the demand in the marketplace for a quality multifamily complex that caters to young professionals, Block said.
Block Multifamily Group and Block Funds will continue seeking properties to purchase.
The management company for The Settlement is a division of Block Real Estates Services.
BMG provides multifamily management services in a wide geographic area. It covers conventionally-financed multifamily assets as well as HUD-insured and Low Income Housing Tax Credit properties.
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