The Manor Apartments - Austin, TX

DESCRIPTION & STRATEGY:

The Manor Apartments is an under-managed 249 unit apartment complex located just northeast of downtown Austin. It was built in two phases and has two contiguous undeveloped land parcels totaling 4.3 acres. The property is 97% occupied and has been owned and managed by the same company since 1999.

There is significant upside to capitalize on the under-market rents by implementing a repositioning and renovation strategy including, project rebranding, common area renovations and unit interior upgrades. Upon stabilization, the property will benefit from multiple legal parcels and several different exit scenarios to maximize value.

This undermanaged asset was acquired with a private equity firm and financing from Freddie Mac.

ADDRESS:

6855 E Hwy 290,
Austin, TX

PROPERTY TYPE:

Multifamily

SIZE:

249 Units