CONTI Expands Austin Footprint

Pioneer Hill is the first asset in the firm’s $150 million RE High-Growth Fund IV.

Pioneer Hill

CONTI Capital has acquired Pioneer Hill, a 300-unit community in Austin, Texas, marking its second purchase in the metro area. According to Yardi Matrix data, JCI Residential is the former owner of the asset. The same data provider shows that the recently built property became subject to a $34 million, 42-year HUD loan, originated by KeyBank in 2020. 

The asset is the company’s first property in its $150 million RE High-Growth Fund IV, which identifies opportunities for investors, managers and institutions in Sun Belt states, and seeks a target return of 10-to-14 percent ROI with a 3-to-5-year hold period.

Completed last year, Pioneer Hill comprises 14 three-story buildings with one-, two- and three-bedroom apartments, averaging 806 square feet, with private balconies or patios, in-unit washers and dryers and digital locks. Community amenities include a fitness center, pool, business center, clubhouse and media room.

Located at 1625 Edgeworth Bend, within 2 miles of Interstate 35, the property provides convenient access to Downtown Austin and major employment hubs. Various retail options, such as H-E-B, MT Supermarket and International Foods are less than 3 miles from the asset.

CONTI Capital CEO Carlos Vaz mentioned in a prepared statement that Austin will be his company’s main focus for multifamily investments this year. CONTI entered the Austin market in February 2020, when it purchased Hillside Creek, a 268-unit property.  

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent