SAN ANTONIO, TX – Embrey, a diversified real estate investment company based in San Antonio, Texas, has bought the Arboretum Oaks apartment community. Located in Austin, Texas, the 252-unit property built in 1984, marks the first acquisition, and 25th asset that Embrey has either developed, owned, or operated in the greater Austin area. Embrey’s nationally recognized, award-winning Embrey Management Services will take over property management duties at the community.
Located less than 15 minutes northwest of downtown Austin and five minutes west of The Domain, Arboretum Oaks offers numerous competitive advantages in terms of its accessibility, community amenities and walkable proximity to retail. Through the buy of Arboretum Oaks, Embrey will be leveraging the explosive, pent-up demand for rental properties in a market that has added more than 80,000 jobs since 2016. Despite continued in-migration, low housing supply, and strong job creation Austin’s Arboretum area has seen only one apartment community developed since 2000.
“This is a gorgeous community with fantastic access to the Arboretum, The Domain, downtown Austin, and a number of highly sought-after employers such as Apple, Amazon, and Facebook, to name just a few,” says Alex Sampson, Vice President of Acquisitions at Embrey. “We plot to fully renovate the property to bring it up to current market standards and renter expectations. Combining the property’s prime location and remarkable bones with the red-hot rental demand of Northwest Austin makes this a terrific investment for our company.”
Fueled by the nation’s leading job and population growth, the Austin area has one of the hottest apartment markets in the country. Asking rents are now up roughly 25 percent since the start of the pandemic, well ahead of the national average. Most recently, as of the first quarter of 2022, occupancy in Austin increased three percent to 96.4 percent according to Witten Advisors.
“This acquisition signifies another step in expanding Embrey’s acquisition platform and capital base,” says Sampson. “As a vertically integrated, diversified real estate investment company, we continue to seek acquisition opportunities like this to make value for our capital partners.”
Embrey partnered with Black Salmon Capital on this acquisition with debt being funded by an affiliate of Heitman LLC, a global real estate investment management firm. Embrey and its partners were helped in this transaction by Walker & Dunlop investment sales brokers Matt Pohl and Spencer Roy, as well as debt brokers Patrick Small and Tom Toland.

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DALLAS, TX – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, the nation s leading builder of luxury homes, announces the grand opening of Aster, the company s new 22-tale, 270-unit luxury high-rise apartment building in the Turtle Creek neighborhood of Dallas, TX.
The firm recently hosted a grand opening celebration at the property with senior executives from Toll Brothers and its Apartment Living division, along with Aster s development partners, leaders of local civic and neighborhood associations, local elected and appointed officials, and members of the media. Following a cocktail hour, opening remarks, and exclusive tours, the celebration continued with a party for current Aster residents.
As our flagship new community in Texas, Aster stands tall as the premier rental community in the Turtle Creek and Oak Lawn neighborhoods, said Charles Elliott, President of Toll Brothers Apartment Living. Aster represents the very best of what Toll Brothers Apartment Living stands for — from its design and brand to its exceptional resident experience. This project embodies a new standard of luxury development that we will build upon with several upcoming projects throughout Texas, and elsewhere across the United States.
Designed by WDG Architecture, the 22-tale, 270-unit luxury high-rise apartment building is situated on Congress Avenue between Oak Lawn Avenue and Turtle Creek. Aster s construction started in 2019 and was completed in 2021, offering first occupancy in October. With a name inspired by the iconic Texas wildflower, Aster draws on deep roots in Dallas history while also joining the prestigious Turtle Creek neighborhood with a vibrant, sophisticated new persona.
Aster is located in a decidedly different area from the busy commercial districts in which many others are building, said Tommy Rhodus, Texas Regional Director of Toll Brothers Apartment Living. Instead, Aster sits in a much quieter and more established residential neighborhood. We focused intently on designing a neighborhood-scale building by setting it back and surrounding it with townhome-style apartments along the street and a corner park.
Aster includes 260 studio, 1-, 2-, and 3-bedroom residences, as well as 10 2-tale penthouse residences, about 20,000 square feet of interior and exterior amenity space, and a 6-level above- and below-grade structured parking garage with 418 spaces, including 14 EV charging stations. Throughout the property residents delight in custom lighting, high-end finishes, secure keyless entry, and Wi-Fi.
First- and second-floor amenities include a concierge lobby, conservatory, library, package room, and pet spa. On the fourth-floor amenity deck, residents can delight in a clubroom bar and lounge featuring a fully equipped kitchen, 2-tale fitness center, coworking space, and exterior amenity deck featuring a pool with infinity-edge water feature and custom trellis with waterfall feature, grill stations, outdoor lounge seating and lawn games. On the seventeenth floor, resident amenities include a sky lounge with expansive views of the Dallas skyline, private dining room, sky deck with lounge seating and television, and sports lounge with multi-sports simulator.
The apartments feature luxurious wide-plank walnut flooring, quartz countertops, Calacatta marble backsplashes, European-style cabinets with soft-close doors and drawers, stainless steel appliances, custom lighting fixtures throughout, manual roller shade window treatments, walk-in closets, smart thermostats, and private balconies and terraces. Exterior-facing units feature private fenced yards.
Penthouses located at the top of the tower introduce 2-tale floor plans with double-height living and dining areas and floor-to-ceiling glass windows, appliances from Sub-Zero and Wolf, faucets and plumbing fixtures from Brizo, contemporary apron-front kitchen sink, wet bar with wine chiller, spa-inspired showers and freestanding bathtubs, and mechanical roller shades window treatments in living, dining, and primary bathrooms.
Aster is the third project completed by Toll Brothers Apartment Living in Texas, following Kilby in Frisco and Westerly in Dallas, both of which were sold in 2020 and 2021 respectively. Aster represents the continued rapid expansion of Toll Brothers Apartment Living in Texas, with the firm currently poised to start construction on nearly 3,000 residences across eight projects anticipated to be actively under construction across the state before the end of 2022.

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WESTERVILLE, OH – The Champion Companies has completed the buy of Cameron Ridge Apartments, a 208-unit community in the Gahanna submarket. The transaction total, including plotted capital improvements for the 20-year-ancient community, neared $35 million.
The acquisition took 12 months to complete as the community had 13 different ownership groups. Champion negotiated with all the owners to buy their units and bring the whole community under one cohesive ownership and management.
Unfracturing multiple-owner communities is a strategy that s unique to Champion in the market, said Brian Hoar, Champion s Chief Investment Officer. We re willing to invest the time into these deals because we can see the value that is made for the residents and the greater community.
Renovations and capital improvements at Cameron Ridge will include improved amenities and common spaces for residents, landscaping, roofing, and other exterior updates, as well as all new quartz countertops, stainless steel appliances, new cabinets, flooring, and fixtures for the unit interiors. Construction is expected to be completed by the end of 2022 and existing residents will have the option to transfer to upgraded units as they become available.
Cameron Ridge is the perfect example of what we do best at Champion: Identify communities where we can add value through our award-winning management team, through renovating, and through adding amenities to the property to enhance the quality of life for residents, said Champion President and CEO Brian Yeager.

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