The 576-unit Hyde Park at Wells Branch, 2801 Wells Branch Pkwy. in Austin, is 93% occupied.
AUSTIN, TX—Ascenda Capital, in partnership with American Landmark Apartments, arranged the acquisition of a six-property multifamily portfolio of properties across Texas consisting of 2,284 units. The multifamily communities, located in five of the Lone Star State's fastest-growing markets–Austin, San Antonio, Houston, Irving and The Woodlands–were acquired from Provident Realty Advisors for a total consideration of $311 million.
The firm with which Ascenda partnered, American Landmark, owns approximately 25,000 apartments throughout the Southeast and Texas. It plans to add another $2 billion in properties to its growing multifamily portfolio this year.
Ascenda invested as a limited partner in the transaction and dealt directly with the sellers in this off-market acquisition. The acquisition represents Ascenda's ninth investment in multifamily assets since its founding last year, further evidence of the company's continuing commitment to building its multifamily portfolio.
Portfolio properties:
The 320-unit Hyde Park at Lake Wyndemere, 2109 Sawdust Rd., The Woodlands, renamed Artisan at Lake Wyndemere. Occupancy is 96.8%.
The 476-unit Hyde Park at Enclave, 12951 Briar Forest Dr., Houston, renamed Hayden at Enclave. Occupancy is 95.1%.
The 306-unit Manor at Castle Hills, 1835 Lockhill Selma Rd., San Antonio, renamed Alon at Castle Hills. Occupancy is 97.7%.
The 350-unit Hyde Park at Ribelin Ranch, 9900 McNeil Dr., Austin, renamed Asten at Ribelin Ranch. Occupancy is 96%.
The 576-unit Hyde Park at Wells Branch, 2801 Wells Branch Pkwy., Austin, renamed Beck at Wells Branch. Occupancy is 93%.
The 256-unit Lakepointe at Las Colinas, 5353 W. Las Colinas Blvd., Irving, renamed The Blvd. Occupancy is 96.8%.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
