Dyer tells GlobeSt.com: “Balcones Club fits nicely within our three most recent acquisitions because, like Willow Cliff in Oklahoma City and Villas on Forest Springs in Dallas, it is a well-located asset with significant value-add potential. Additionally, we are particularly excited about our acquisition of Balcones Club given the competitiveness of the Austin market.”

Presidium will continue to look for opportunistic acquisitions of all asset types in the Austin real estate market. In addition to its acquisition activities, Presidium recently received development permits on its nine-acre development site on East Riverside, where it plans to break ground on a 354-unit multifamily project later this year.

Austin development is abundant. What are the active markets? Who are the key players? Join us at RealShare Austin for market intelligence and the best networking in the biz.

AUSTIN, TX—Balcones Club, a 312-unit multifamily community in Northwest Austin, is located adjacent to the Balcones Country Club, near the intersection of Spicewood Springs and Highway 183. The multifamily property was recently acquired by Presidium Group LLC.

This is Presidium's second acquisition in the immediate area. In 2014, the firm acquired Laurel Woods, a 150-unit property about a half mile away. The purchase marks Presidium's 17th acquisition in the Austin market during the last four years.

“We are excited to close the purchase of this very unique asset,” said Presidium chief operating officer Nick Dyer. “Balcones Club was presented to us on an off-market basis, and based on our experience in this competitive real estate market, it was an opportunity we were happy to seize. This is a very unique asset that will be a great addition to our Austin portfolio.”

Like its other Austin multifamily acquisitions, Presidium plans to implement value-add upgrades to the already well-maintained property. The upgrade plans include enhancing the common area amenities and improving the property's interiors. Interior enhancements will include new faux wood flooring, new fixtures, new appliances, new countertops and a two-tone paint scheme. Exterior renovations will include a new branding theme, modernizing the leasing center and fitness center, enhancing the pool area, and enhancing the building exteriors.

Dyer tells GlobeSt.com: “Balcones Club fits nicely within our three most recent acquisitions because, like Willow Cliff in Oklahoma City and Villas on Forest Springs in Dallas, it is a well-located asset with significant value-add potential. Additionally, we are particularly excited about our acquisition of Balcones Club given the competitiveness of the Austin market.”

Presidium will continue to look for opportunistic acquisitions of all asset types in the Austin real estate market. In addition to its acquisition activities, Presidium recently received development permits on its nine-acre development site on East Riverside, where it plans to break ground on a 354-unit multifamily project later this year.

Austin development is abundant. What are the active markets? Who are the key players? Join us at RealShare Austin for market intelligence and the best networking in the biz.