AUSTIN – (Realty News Report) – Domain Communities, a Houston-based multifamily owner, has completed its first acquisition in Austin. The purchase is Iron Rock Ranch, a 300-unit apartment community made up of 84 townhomes and 216 garden-style units. Built in 2002, the community occupies more than 22 acres and features 60 garages, two swimming pools, a clubhouse and a range of resident amenities.
CBRE’s Central Texas Multifamily Team — Charles Cirar, Michael Wardlaw and Colin Cannata — marketed the property. Financing was provided by MF1 in New York City and arranged by John Fenoglio of CBRE Capital Markets in Houston.
“This is our second acquisition this year under our Targeted Value-Add Strategy, which blends the capital-preservation benefits of core assets with the upside potential of value-add properties,” said James D. Golden, founder and CEO of Domain Communities. “The strategy allows for a longer-term hold and acts as a hedge against market volatility.”
Originally founded in Scottsdale, Domain Communities has typically invested in high-growth markets such as Tempe, Mesa, Phoenix, Tucson, Dallas, Houston and Atlanta.
“The momentum in the Austin market was impossible to ignore,” Golden added. “Two weeks after signing the purchase contract for Iron Rock Ranch, the Urban Land Institute named Austin the number one real estate market in the country among the top 80 markets.”
The property will be managed by The Tipton Group of Dallas. “Iron Rock Ranch is a core asset in one of the most dynamic cities in the U.S. and offers significant upside through targeted upgrades to units and common areas,” said Bryan Kerns, principal at The Tipton Group.
Dec. 19, 2019 Realty News Report. Copyright 2019.
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