JV Acquires Suburban Austin Property
- Oct 30, 2019
A joint venture between Origin Investments and F&B Capital has acquired Anatole at Westinghouse, a 250-unit community in the Austin suburb of Georgetown, Texas.
The firms purchased the property at below replacement cost, assumed the original HUD loan and plan to introduce to the asset a larger, more experienced and dedicated property management team to supervise the community’s day-to-day operations.
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The apartment community features 148 one-bedroom, one-bathroom apartments; 96 two-bedroom, two-bath residences; and six three-bedroom, two-bath apartment homes.
Among apartment features and finishes are full-size in-unit washers and dryers, granite countertops, ceiling fans, garden tubs and large patios or balconies. A swimming pool offering an outdoor cabana with grilling station leads the amenity list.
Anatole at Westinghouse is the debut direct equity acquisition for Origin Investments’ Income Plus Fund. The strategy of the fund is to purchase, upgrade and hold assets, enabling investments to produce income-and-appreciation-based returns.
“One of the biggest risks with investing in any rapid-expanding market is being able to differentiate your product while new supply is being developed to chase high population and job growth,” Jacob Sojka, analyst, acquisitions with Origin Investments, told Multi-Housing News. “Georgetown is not immune from this risk with over 800 units currently under construction and another 1,325 units built within the last two years.
“As new product is built with attractive finishes and amenities, Origin and F&B developed a plan to compete by winning with exceptional customer service. The customer experience is integral to the success of multifamily real estate and is transforming renting from a transactional experience to an emotional one. We plan to stand out from the crowd by focusing on a personal touch and engagement to provide memorable experiences to Anatole’s residents.”
Anatole at Westinghouse and Georgetown as a whole are located in the path of robust Austin market expansion. The U.S. Census labeled Georgetown the fastest-growing city of 50,000-plus residents in the country in 2015. Proximity to the major arterial Westinghouse Road enables Anatole at Westinghouse residents to readily access Austin and Fort Hood.
Area job hubs include substantial employers Dell, Emerson, Seton Hospitals, Baylor Scott & White and St. David’s Medical Centers. Nearby institutions of higher education include Southwestern University, Texas State University Round Rock, Texas A&M Health Sciences Center and Austin Community College.