Austin, Texas—Parmer Place, a 290-unit apartment community in the Tech Ridge submarket of Austin, Texas, has been acquired by Bethesda, Md.-based Crossbeam Concierge, a national real estate investment firm.
The four-year-old Parmer Place features one-, two- and three-bedroom townhome-style apartments with attached garages. The apartments feature new plank flooring, faux wood blinds, built-in workstations, garden tubs, full-size washers and dryers, 9-foot ceilings, crown molding, custom-routed wood cabinets, oversized walk-in closets and Energy Star-equipped appliances.
Crossbeam Concierge plans to make significant improvements to common-area amenities, which include a clubhouse e-lounge, business center with Wi-Fi, conference room and game room. Enhancements will include a resort-inspired upgrade of the pool and deck, which will deliver new cabanas and revamped grilling areas. The fitness center will be expanded, with the addition of new fitness equipment, large-screen televisions and new sound system.
Renovation plans also call for new landscaping, exterior painting and entryway enhancements. These improvements should help Parmer Place fully leverage its distinctive design, marked by direct entry and townhome-style living. Finally, Crossbeam Concierge’s property management company, Concierge Management Services, will oversee the property’s operation.
“We have a long history of investing in Austin, and in the major metros in Texas,” Richard K. Devaney, managing partner with Crossbeam Concierge, tells MHN.
“Beginning in 2009 and 2010, we saw the underlying fundamentals in Austin begin high-growth trajectories. We’ve made three investments in Austin since 2010, acquiring close to 900 units. All of our underwriting, analyses and on-the-ground intelligence suggest Austin is going to have sustained growth and double digit rent-growth opportunities.”
Parmer Place was attractive to Crossbeam Concierge from the standpoint of its high-end finishes and its location within an employment center. More than 103,000 jobs are located within a five-mile radius of Parmer Place, with another 157,000 jobs expected in the next half decade, according to projections. Parmer Place also sits within a mile of 2.5 million square feet of retail.
“This was one of the cleanest transactions we’ve made,” Devaney says. “It took a little time to go through the loan assumption process. Otherwise, it was very straightforward. The property was in excellent condition, was well maintained, and the previous owner had invested in the physical plant. I was onsite the day we settled, and it was among the most seamless transactions we’ve had.”
Crossbeam Concierge was retained much of the staff employed under the previous ownership, “so there will be a continuity of faces,” he adds. “What the residents can expect is resident-focused product and services, and a concierge management style.”
Crossbeam Concierge sees more opportunity ahead in the Texas capital. “We intend to undertake additional transactions in the Austin area,” Devaney says. “People should be looking to see more from us in the Austin metro.”