HOOVER, AL – Chicago-based Tricap Residential Group, an owner and operator of multifamily communities, has closed on the acquisition of Wisteria Nine90 Apartments for a buy price of $24,000,000.  This transaction will add another 323 apartments to Tricap’s existing portfolio increasing their total portfolio to over 2,500 apartments. 

The property will be immediately rebranded as Element Hoover and will undergo a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will increase value and resident services at the property.

“We are very excited about this opportunity as we venture into a new market with the goal of making exceptional living opportunities at an attractive price for our renters,” Suzanne Hopson, director of property management at Tricap stated. “Our proven management, marketing and renovation strategies provide the outcomes our internal as well as external customers expect.  We deliver.”

The acquisition is the first for Tricap in the Alabamamarket and their fourth in the Southeast region.  “Our continued expansion into the Southeastern part of the US is reflexive of long-term population trends,” said Bryan Pritchard, Founder of Tricap.  “While our roots remain firmly planted in the Midwest, our growth plans will likely continue to take us further into Southern markets.”

The acquisition was financed with a mortgage originated by Justin Nelson of Walker & Dunlop.

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CARY, NC – KETTLER and Pacific Life closed on acquiring The Aster located in Cary, North Carolina. The Aster is currently in lease-up with a mix of residential units, including 49 townhomes, 238 manor style apartments, and 206 garden style apartments. The Aster is located approximately 7 minutes from Research Triangle Park (RTP) and approximately 15 minutes from the Raleigh-Durham International Airport. 

The property features impressive lifestyle amenities including a golf simulator, putting green, outdoor fire pit, hammock courtyard, three pools, game room, theatre room, bike workshop, pet parlor, and an expansive wellness center and trail network.

“Cary, North Carolina is a booming creative class market and we are excited to invest in such a dynamic growth area,” said Bob Kettler, Founder and CEO of KETTLER. “A new property as unique as The Aster is the perfect fit for us, especially as KETTLER is strategically focused on expanding into the southeast.”

“We are excited to buy such a high quality asset in the affluent submarket of Cary,” said Luke Davis, Executive VP of Real Estate Investments at KETTLER. “We want to extend our gratitude to investment partner Pacific Life, as well as to Andrea Howard of JLL for her help with the transaction.”

The Aster is the only property in the Research Triangle Area to offer three different residential styles: townhome, manor and walk-up. The combination of residential options appeals to a wide base of renters, ranging from millennials to empty nesters. The property is adjacent to one of only six Whole Foods locations in the Triangle and is within the Wake County Public School System, one of the top performing public school systems in the region.

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AUSTIN, TX – Waterton, a national real estate investor and operator, announced it has bought a three-property residential portfolio totaling 950 units in Austin, TX, home to a thriving tech corridor as well as world-renowned retail and entertainment districts. The acquisition marks a reentry into the Austin real estate market for Waterton, having sold its last local asset in March 2015.

Built in 1995, 1996 and 1997, respectively, the properties, formerly owned by Northland Investment Corporation, are located approximately 14 miles north of Austin’s Central Business District and include:

Madison at Stone Creek – 390 units across 19 three-tale garden-style residential buildings, including a clubhouse/office, fitness center, sauna, dog park and two outdoor swimming pools.

Madison at Wells Branch – 300 units across 15 two- and three-tale garden-style residential buildings, 40 garage buildings, clubhouse/office, a fitness center, dog park, sand volleyball court, tennis court, pool house and two outdoor swimming pools.

Madison at Scofield Farms – 260 units across 13 two- and three-tale garden-style residential buildings, 29 garage buildings including a clubhouse/office, fitness center, dog park, tennis court, pool house and outdoor swimming pool.

“Austin is one of the country’s fastest growing metros, with positive economic indicators and a rapidly growing presence of well-known technology companies,” said David Schwartz, chairman and co-founder of Waterton. “These are high-quality assets in prime locations, just north of the Domain and within North Austin’s tech corridor. The three properties will undoubtedly be strong additions to our growing portfolio in Texas and nationwide.”

Austin has continued to show solid multifamily fundamentals, experiencing 3.6 percent year-over-year rent growth in 2018. Meanwhile, employment growth was above three percent throughout 2018 as the metro added 40,400 jobs, with trade, transportation and utilities leading the growth. The unemployment rate in Austin is three percent as of February 2019, supported by a consistent influx of businesses and people relocating to Austin—particularly from California—due to the area’s relatively affordable cost of living, deep talent pool, high quality of life and business-friendly environment.

North Austin is home to Austin’s tech corridor, which includes employers such as Apple, Dell, Google, Cisco, Amazon, Facebook, IBM, Indeed and 3M. Apple’s upcoming $1 billion, 133-acre North Austin campus is anticipated to use 10,000 people over the next five years, which will make the tech firm the largest private employer in the metro with more than 15,000 total jobs. 

“We are excited to be reentering the Austin market with three well positioned assets. The properties benefit from the city’s booming tech scene as well as diverse employment opportunities and cultural offerings in the North Austin/Domain submarket,” said Matt Masinter, senior vice president of acquisitions at Waterton. “As rent growth in the area continues to be strong, our expertise in value add improvements will make attractive housing for a broad resident base.”

Waterton’s value add strategy will include updating the vintage details of the individual residential communities with modern finishes, including quartz countertops, tile backsplash, stainless steel appliances, updated cabinets, new hardware, faux-wood flooring, modern lighting and plumbing fixtures. Common area and exterior improvements include upgrades to community garages, clubhouses, leasing centers, pool areas, fitness centers and landscaping. The addition of package storage systems are also plotted at both Madison at Scofield Farms and Madison at Wells Branch.

“We are pleased to transact with Waterton on these three outstanding assets, which Northland owned and operated for more than a decade,” said Matthew Gottesdiener, Chief Investment Officer of Northland Investment Corporation, which owns 15 multifamily properties in Texas’ capital. “Northland is highly committed to Austin, where we remain the second largest multifamily owner. The city is home to some of the most dynamic and quick-growing companies in the world, and we are excited to welcome a high-quality operator like Waterton back to Austin with this acquisition.”

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