Dekel Strategic Investors and Arrowroot Real Estate have joined efforts in the acquisition of Mueller Place, a value-add community in northeast Austin, Texas. The asset was acquired with funds from the Arrowood Real Estate Fund I, marking the third purchase for the entity so far this year.
The 86-unit, 13-building community is spread across nearly 3 acres at 5800 Wellington Drive and was built in 1969. The unit mix consists of one- and two-bedroom apartments, ranging from 712 to 1,027 square feet. Amenities include controlled access, playground, two laundry facilities and 172 parking spaces.
The new owners plan to make interior and exterior renovations, in addition to ameliorate deferred maintenance, in order to bring rental rates in-line with the region. The financial details of the transaction remain undisclosed, but according to Yardi Matrix data, the property previously sold in 2015 for more than $5 million, subject to a $4 million loan held by First United Bank and Trust Co.
Images courtesy of Yardi Matrix