A Los Angeles-based real estate investment firm has put big money down on two Austin properties.
Vista Investment Group closed on the purchase of Soco Apartment Homes on Tuesday, according to the Austin Business Journal. The 122-unit community at 6300 South Congress Avenue is the second property picked up by the REIT after its December acquisition of Park Central, a 114,000-square-foot office building in North Austin.
Though the price of the Congress Avenue property was not disclosed, the complex was most recently appraised for tax purposes at about $25.6 million, according to Travis County Central Appraisal District.
Vista’s portfolio, primarily in multifamily and office sectors, mostly includes properties along the West Coast, or within a day’s travel from LA proper, company President Jonathan Barach said.
“That’s been a major impediment to going farther than Denver in the past, but I think we decided around 2017 that the fundamentals and the dynamics of Austin were just too compelling to ignore,” says Barach.
Read more
Residential
Texas
Austin’s housing bubble is set to burst soon, according to experts
Commercial
Austin
More than 20 towers planned for Austin skyline
Soco Apartment Homes, made up of two 16-story buildings, offers one-, two- and three- bedroom units. Renovations for the property, which was built in 2004, include pool and barbecue areas, a fitness center, and a dog park. Renovations, including interior projects, will be overseen by Vista’s in-house property management company, the company said. As for Park Central, the office building is “fairly well occupied” and isn’t expected to undergo significant renovations, Barach said.
“Austin is one of, if not the, most exciting real estate markets in the country,” he said in a statement, adding that Vista has plans to spend $50 million to $100 million on multifamily and office assets in the Austin area over the next year.
“While this is no secret — Austin has consistently ranked as a top market for several years — the ascension of Austin is still in its adolescence.”
[ABJ] — Maddy Sperling