SPI Advisory Acquires 264 Units in Austin Area

The Bradford. Image courtesy of SPI Advisory

SPI Advisory, along with its 1031 partners, has purchased The Bradford, a 264-unit multifamily community in the Buda suburb of Austin, Texas. The asset last traded in 2013, when Steadfast Cos. acquired it as part of a $335.4 million portfolio transaction, according to Yardi Matrix data. The property was formerly named Trails at Buda Ranch.

Completed in 2009, the community incorporates 13 three-story buildings comprising one-, two- and three-bedroom floorplans which range from 597 to 1,150 square feet. Apartments feature in-unit washers and dryers, hardwood flooring and walk-in closets. Common-area amenities include a swimming pool, 24-hour fitness center, concierge service and a clubhouse, along with 528 parking spaces. The previous ownership has recently upgraded some units, with SPI Advisory planning to continue improvements for up to half the residences.

A growing South Austin submarket

Located at 1250 Robert S. Light Blvd. S., just off Interstate 35, the community is roughly 15 miles south of Austin and 18 miles from Austin-Bergstrom International Airport. It is also less than 2 miles from Buda’s downtown which features numerous retail and dining options along Main Street. Hays County is considered one of the fastest-growing areas in Texas, the 3-mile radius area around The Bradford seeing a 159 percent population increase in the past decade, according to the U.S. Census Bureau.

SPI Advisory Principal Sean Mabarak stated in prepared remarks that the company plans for a long stay in the Kyle/Buda submarket. Principal Michael Becker further emphasized the relative affordability of Buda compared to Austin’s northern suburbs, citing it as a main advantage. A recent report shows that the metro is still recording some transaction activity, with deals reaching $148 million in January, with the average price per unit rising 12.6 percent above the previous month.