Machine Investment Group Buys Georgetown Apartment Complex

Demand for trophy properties is still strong, even in Austin’s soft multifamily market.

Machine Investment Group bought Rise 120, a 277-unit apartment complex at 120 Boselli Way in the Austin suburb of Georgetown, according to a press release from the New York-based asset management firm.

Georgetown-based Novak Brothers developed the property and is the seller, public records show. Terms of the deal weren’t disclosed, but the property was most recently appraised at $47.5 million or $171,480 per unit. Walker & Dunlop provided a $25.7 million mortgage for the acquisition, according to loan documents.

Rise 120 opened in the first quarter of 2024. It offers one-, two- and three-bedroom units and features a pool, fitness center, walking trails, business center, clubhouse and 15,000 square feet of ground-level retail.

The property is about 24 miles north of Austin. In 2024, Georgetown was the fastest-growing city in the country for the third year in a row, with its population increasing by more than 50 percent since 2020, Census Bureau data shows. Georgetown crossed the 100,000-resident mark in 2025.

As a result, Georgetown, in Williamson County, has become a hotspot for development, including a massive expansion at Southwestern University, which is within the town. The college tapped Austin-based Banbury Development to develop a 560-acre mixed-used district, envisioned as a “mini city” with housing, offices, retail, restaurants, a boutique hotel, cultural spaces and a concert venue.

The Texas Municipal League in October announced it’s leaving Austin and is relocating to Georgetown. The league said it plans to “invest millions” to renovate the four-story, 64,000-square-foot Wesleyan Building at 205 East University Avenue.

Williamson County’s booming growth has pushed county officials to implement development guardrails. The county changed subdivision regulations in 2025 to require developers to conduct traffic impact studies and secure water service commitments earlier in the development process.

Georgetown’s growth trajectory combined with the apartment building’s newness mean it’s insulated from the struggles of Austin’s multifamily market. Austin rents and occupancy plummeted after the area saw a flurry of apartment development. The market has been stabilizing, with occupancy flat in the 12-month period ending in October, but rents still fell last year, posting a 4.8 percent decline during the same period, according to data from Yardi Matrix.