Waterton Reenters Austin With 950-Unit Acquisition
- Aug 07, 2019
Real estate investor and operator Waterton of Chicago has acquired a three-property residential portfolio in Austin, Texas. The deal marks the company’s reentry in the market, following the sale of its last asset in the city in March 2015. Since 2008, the newly acquired properties have been under the ownership of Northland Investment Corp., which remains the second-largest owner in the metro, with a portfolio of 15 multifamily assets.
North Austin attraction
The recently traded assets feature a combined 950 units and a garden-style design. Built in the 1990s, all three communities are located approximately 14 miles north of the metro’s CBD, where major employers have set offices.
Madison at Stone Creek is a 19-building, 390-unit community spread across nearly 22 acres at 6800 McNeil Drive. Its unit mix comprises one- to three-bedroom floorplans that range from 602 to 1,352 square feet and feature vaulted ceilings, private balconies/patios, outside storage and fireplaces in top floor units. Common-area amenities include a fitness center, a business center, a clubhouse, two swimming pools, a spa, two laundry facilities and 625 parking spaces. The property was completed in 1995.
Built in 1996, Madison at Wells Branch has 300 units in 15 buildings that occupy more than 15 acres at 3201 Century Park Blvd. Units at the community average 876 square feet, in a mix of one- and two-bedroom floorplans featuring above-standard ceiling height, washer and dryers, private balconies/patios, outside storage and fireplaces. Community amenities include a fitness center, a business center, tennis and volleyball courts, two swimming pools, a spa and 650 parking spaces.
Madison at Scofield Farms was built in 1997 and comprises 13 buildings and 260 units spread across nearly 15 acres at 13401 Metric Blvd. The unit mix consists of one- and two-bedroom floorplans averaging 876 square feet. These feature vaulted ceilings, private balconies/patios, washers and dryers, and fireplaces in top floor units. Amenities at the property include a fitness center, a clubhouse, a tennis court, a swimming pool, a spa and 525 parking spaces.
Waterton acquired the assets with a value-add strategy in mind: The company will update the vintage details with modern finishes, including quartz countertops, tile backsplash, stainless steel appliances, updated cabinets, new hardware, faux-wood flooring, modern lighting and plumbing fixtures. Common area and exterior improvements are also planned and will include upgrades to community garages, clubhouses, leasing centers, pool areas, fitness centers and landscaping. Moreover, both Madison at Scofield Farms and Madison at Wells Branch will have package storage systems added.