Investors loaded up on 800 multifamily units in four Central Texas deals this week. In San Antonio, DJE Texas Management Group bought three properties it’s calling the North Portfolio. The properties at 12221 Blanco Road, 7302 University Row and 8631 Fairhaven Street are in north central and northwest San Antonio. They have a total of 600 units.
DJE plans to invest $5.2 million in renovations and operational improvements. The San Antonio multifamily investment and management firm said it will renovate all the apartment units, the community building and the swimming pool. DJE Properties will manage the assets. It expects the majority of property improvements to be completed by the end of 2023. DJE said it has renovated more than 5,000 units in 17 multifamily properties to date.
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In Austin, Federal Capital Partners and VaultCap Partners bought Huntington Meadows apartments at 7000 Decker Lane. The 200-unit multifamily property is on the eastern outskirts of the city about 10 miles from Tesla’s global headquarters and Gigafactory and adjacent to a 208-acre mixed-use redevelopment.
Huntington Meadows is both companies’ first Austin acquisition and FCP’s 18th in Texas in the past four years. It was sourced through an off-market opportunity based on an existing relationship, according to a press release. Terms of the transaction were not disclosed. The investment is Maryland-based FCP’s third with VaultCap, headquartered in Dallas.
Huntington Meadows will operate as a “mixed affordable asset,” said FCP’s Cole Kellogg. That designation required approval from the Texas Department of Housing and Community Affairs, a state agency that oversees and administers funding for local housing and community-based opportunities and assistance.
“Mark (Christ) and I are incredibly excited to continue our FCP relationship with the Huntington Meadows acquisition. To be able to enter the Austin market with an asset of this quality and attractive basis is a real boon for our firm,” said VaultCap Partners’ Ryan Heddleston.
Marcus & Millichap’s Wes Racht, Bard Hoover and Nick Fluellen represented the seller on the deal.