The Bend with 162 units in Austin, Texas

The Bend is a multifamily apartment with 162 units across 13 buildings. It is located close to Austin Public Library (0.1 mi), Cameron Oaks Plaza (0.3 mi), and The Linc (1.1 mi).

This property sits on 10.5 acres of land with an average unit size of 1,013 square feet. The apartments were originally built in 1997 and were renovated in 2021, and include a BBQ/picnic area, dog park, and a business center.

Local schools include Pickle Elementary School (0.1 mi) with a 4/10 rating, Webb Middle School (0.9 mi) with a 2/10 rating, and St. Francis School (1.1 mi) with a 2/10 rating. Nearby colleges include Lipscomb University - Austin Center (1.4 mi), Austin Community Highland Campus (2.0 mi), and the University of Texas at Austin (4.2 mi).

The largest employers in the area include Walmart (0.4 mi), H-E-B (0.5 mi), and Seton Healthcare Network (0.8 mi). Nearby Fortune 500 headquarters include Oracle (6.5 mi), Tesla (8.8 mi), and Dell Technologies (10.8 mi).

The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.

5 Highlights about this deal:

1. The property was purchased for $32.5 million.
2. Currently, the property is achieving $350 premiums on upgraded units vs. classic units. The seller will continue the unit renovation to increase the rent price.
3. All units come with 9' ceilings, faux wood flooring, patio/balcony, ceiling fan, spacious kitchen, and central air and heating.
4. The property is located in the midst of Austin's innovation (Parmer Innovation District), education (ACC Highland), and retail sectors (Mueller Market District).
5. Austin's Northeast Central submarket saw 20% rent growth and a 2.5% increase in occupancy over the last 12 months, outperforming the Austin MSA.