In September 2015, ESJ acquired Austin Red River Flats, a 120-unit, 114,923 SF multifamily property on 1.2 acres in the heart of Austin, Texas, one of the fastest-growing and most supply-constrained urban residential markets in the US.
The asset was acquired for $28.25M and managed by Arel Capital, targeting strong rental demand driven by Austin's booming tech sector, population growth, and limited downtown supply. The property maintained 100% occupancy throughout the hold period, validating the strength of the underlying market fundamentals.
The asset was sold in December 2021 for $50M, representing a 2.9% cap rate on annualized NOI, well ahead of the original underwritten exit timeline.
19950 West Country Club Drive
Suite 800
Aventura, FL 33180
USA
2A Rue Ermesinde,
L-8416 Steinfort
GD of Luxembourg
19950 West Country Club Drive
Suite 800
Aventura, FL 33180
USA
2A Rue Ermesinde,
L-8416 Steinfort
GD of Luxembourg