JoCo JV Picks Up Austin Value-Add Assets
The new owner plans to renovate and consolidate the two garden-style properties, consisting of 316 units, into a single community.
A joint venture between JoCo Partners and The ValCap Group has acquired the 152-unit Westwood Apartments and the 164-unit Audubon Square communities in Austin, Texas. The new owner financed the acquisition with a $33.6 million mortgage held by Resource Capital Corp., according to Yardi Matrix. The venture has combined the two properties into a single asset, rebranded as The Lantern.
The previous owner of Audubon Square, Investors Capital Group, picked up the asset from Ares Management in 2014, per Yardi Matrix. Legacy Partners was the seller of the Westwood Apartments property.
Located at 12403 and 12425 Mellow Meadow Drive in Austin’s Jollyville North submarket, the garden-style community’s 19 buildings are situated along U.S. Highway 183, slightly more than 15 miles northwest of the city’s downtown.
Value-add opportunity
The Lantern includes a mix of one-, two- and three-bedroom units with floorplans ranging from 500 to 1,230 square feet. The owner plans to significantly upgrade all units, which were built between 1983 and 1986. Updates and additions are also slated for the property’s amenities. The owner plans to upgrade the existing three swimming pools and convert one of the former leasing offices into a clubhouse with a fitness center. A dog park with a dog washing station is also in the works.
A range of investors have made value-add acquisitions in Austin in the past year, including Sterling Real Estate’s acquisition of the 230-unit Spring Valley Apartments in April.
Images courtesy of Yardi Matrix
