Opportunity at Acquisition
— Acquire operationally distressed Class B multifamily asset
— Central location in Austin with proximate access to multiple job centers, social outlets, the airport, downtown, and the Domain area.
— Efficient floor plans and good vintage (1984)
Business Plan
— Opportunity to reposition asset and increase revenues by improving asset quality
— Financed with low interest fixed-rate loan (non-recourse)
— Signed 144 new leases in the first year of ownership
— Improved cash collection ratio by 70%
Strategy
— Equity, Renovation, Lease-up
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