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8/27/15
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Passco Companies LLC has acquired Lone Oak Apartments, a recently completed, 304-unit multifamily community located in Round Rock, TX, a suburb of Austin. The property was sold by Abacus Capital Group in an off-market deal. The price was not disclosed.
The Class A, garden-style property is located at 1201 Hidden Valley Dr, east of I-35 and south of University Blvd. Completed in 2014, the community was 92% occupied at the time of sale.
The property consists of 304 units across 16 three-story buildings, with one-, two- and three-bedroom floorplans. Units include vaulted ceilings, granite kitchen countertops, stainless steel appliances, full size washer and dryers, large direct access garages, garden tubs, gourmet kitchen areas, intrusion alarm systems, private patios and spacious walk-in closets.
The complex also features a variety of luxury amenities including a clubhouse, business center, billiards/game room, cyber café bar, poolside BBQ grills, resort style swimming pool, pet park and fitness center.
“This acquisition furthers our company strategy to strategically invest in markets that are on pace for significant growth over the next decade,” explained Gary Goodman, Senior Vice President Acquisitions of Passco Companies. “Located only 23 miles from Downtown Austin in one of the most desired suburbs in the region, this recently completed property will provide Passco with a consistently high-quality asset for years to come.”
“The area’s booming IT industry and a recent surge in development will continue to fuel the expansion of Austin in the coming years,” he added. “In fact high tech employment is up 30 percent since 2010, contributing to the area’s low unemployment rate of only 3.5 percent, which is far below the current U.S. national average.”
There are more than one million employees in the Austin MSA. The area’s largest employers include companies such as the University of Texas, Dell Inc., Seton Healthcare, IBM and Flextronics International.
Recent development activity in the area has increased occupancy levels. The Austin apartment market’s average occupancy rate is 94.4 percent, while the Round Rock area’s rate is as high as 97.8 percent, he noted.
Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing through Fannie Mae for the acquisition of the property.
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