SAN FRANCISCO, CA (July 2021) — Polaris Real Estate Partners, a principal investor and manager of multifamily properties, has purchased two stabilized assets totaling 242 units in Austin, TX.
“There is clear potential at The Reserve & Woodstone (R+W) to continue to increase rental income and other income levels as has been proven by the current ownership. Over the past 2 years they have completely renovated 115 units with high-end finishes and design quality and have rented those units at strong premiums over the remaining unrenovated units at the property. We believe that there is also substantial additional income potential at R+W. We will continue to upgrade via unit and exterior upgrades,” noted Travis Pacoe, general partner. Each property has beautiful, recently improved landscaping, controlled access to its grounds, a swimming pool and extensive recent upgrades including to their respective community centers/ leasing offices.
The areas surrounding both The Reserve & Woodstone have huge employment bases from an extraordinary concentration of tech and financial services firms. Both properties are close to schools; for Woodstone, elementary and high schools are directly across the street; and for The Reserve, an elementary school is half a mile away, and a high school is 1.1 miles away.
The technology and manufacturing growth that has driven Austin over the past decade is projected to continue for the foreseeable future. Austin’s year-over-year job loss was the 3rd lowest in the US for 2020, with current unemployment at 5.3%, versus 6% for the country. For the second year in a row, Austin has been named the best tech city in the United States by CompTIA. Home to 5,500 startups and tech companies, Austin has become a favorable alternative to the Bay Area and New York City for companies of all sizes that are looking to grow. Over the past two years, over 100 tech companies have relocated to the Austin area, adding 5,000 jobs. Notable tech companies located in the city include Google, Facebook, Atlassian, and Oracle with tens of thousands of workers. Apple’s North Austin campus has the potential to add another 15,000 workers to its exiting local headcount of 7,000. High tech employment in Austin has grown at nearly double the rate of the U.S average over the last 5 years.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals collectively holding 45 years of direct real estate investment experience. Its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land. Polaris is also deeply committed to enriching the lives of its residents through its social impact programs and community improvement efforts. Polaris Real Estate Partners is currently seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.