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10/24/19
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Passco Companies has acquired Lakeview Villas, a 313-unit luxury community located at 2090 Sundance Pkwy in New Braunfels, TX, which has been recognized as the second fastest-growing city in the nation for the past two years, according to Passco. The purchase represents the firm’s fourth multifamily asset in the state of Texas within six months.
According to Jake Niles, Director of Acquisitions – West at Passco, the population of New Braunfels has increased by 58% since 2000 and at a rate of 7.2% between July 2017 and July 2018 alone. “With an average of 15 new people moving to town each day last year, the city has become a hub of growth in the heart of the Texas Hill Country.”
Niles notes that many residents are drawn to the submarket because it features tranquil surroundings of rivers, lakes, and extensive areas of greenery, while still offering close proximity to Interstate 35 and under-40-minute commutes to the two major metropolitan areas of San Antonio and Austin.
Lakeview Villas offers an impressive array of community amenities including a resort-inspired pool with tanning ledge and outdoor kitchen, poolside lounge and fire pit, state-of-the-art fitness center, tanning beds, and a resident clubhouse. It also features a lake on the grounds, surrounded by a walking trail, which can be seen from most units.
The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style flooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen, and private detached garages.
Will Balthrope, Jordan Featherston and Drew Garza with represented the seller, Koontz Corporation, in the transaction. The price was not disclosed.
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