Falconhead Apartments were originally built in 2003 and include 248 units.
AUSTIN, TX—SWBC Real Estate, in a partnership with International Capital LLC, has acquired Falconhead Apartments from Connell Real Estate & Development Company. The purchase price was undisclosed.
The property is located on Ranch Road 620 in west Austin near Lake Travis. Falconhead was 94% occupied at the time of closing.
During the past few years, the seller invested approximately $4 million into the property. The acquisition is part of SWBC Real Estate's value-add investment program. In the coming months, SWBC Real Estate plans to further upgrade the rental units, bringing the property up to today's standards.
Falconhead Apartments were originally built in 2003. The garden-style community includes 248 units consisting of one-, two- and three-bedroom apartments.
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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.
