SWBC Real Estate Purchases Unique Multi-family Asset in Austin
SAN ANTONIO/DALLAS, TX (July 31, 2019) – SWBC Real Estate announced that through a partnership with International Capital, LLC, it has acquired Falconhead Apartments, a multi-family property, from Connell Real Estate & Development Company. The property is located on Ranch Road 620 in west Austin, near Lake Travis. It was 94% occupied at the time of closing. This is part of SWBC Real Estate’s value-add investment program.
“SWBC is excited to continue to add to our acquisition portfolio with this unique asset in a high barrier to entry market,” said Marcus Walther, Vice President of SWBC Real Estate. “We plan to continue the high level of upgrades already established to ensure this property remains at the top of the class.”
Falconhead Apartments were originally built in 2003. Over the past few years, the seller invested approximately $4 million into the property. Over the coming months, SWBC Real Estate plans to further upgrade the rental units bringing the property up to today’s standards for high-end properties. The garden-style community includes 248 units consisting of one-bedroom, two-bedroom, and three-bedroom apartments. Amenities include a swimming pool, fitness center, clubhouse, outdoor pavilion, fireplace retreat with outdoor games, a new playground area, and a dog park with a splash pad.
Falconhead is located in one of Austin’s most desirable neighborhoods, within an exceptional school district – Lake Travis Independent School District. The property is situated on the Lake Travis High School property line and adjacent to Falconhead Golf Club.
“Falconhead was a highly sought-after community by both institutional and private groups given its irreplaceable location, strong operational performance, and impeccable physical condition,” said Kelly Witherspoon, Berkadia Managing Director. “SWBC performed flawlessly from start-to-finish. We look forward to seeing their continued improvements to the property.”
Witherspoon, Ryan Epstein, and Justin Cole of Berkadia represented the seller in this transaction.
About SWBC Real Estate
SWBC Real Estate, LLC (www.swbc.com/real-estate) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.