SAN FRANCISCO, CA (March 2022) — Polaris Real Estate Partners, a principal investor and manager of multifamily properties has purchased a 312-unit multifamily asset located in Austin, TX – one of the most sought-after rental property markets in the country.
“Balcones Club has unusually strong potential to increase rent levels. Current ownership has not consistently increased rents for at least two years, in a rental market in which rents have increased at least 40% during that time. We believe that upgrading Balcones’ units to a more contemporary finish design will allow the property to achieve its neighbors’ rent levels or higher given the setting, views and proximity to the Balcones Country Club. The property is currently 99% occupied.” noted Travis Pacoe, general partner.
Balcones Club is in close proximity to an exceptional retail and employment base including McNeil Business Park (6 mins away) a combination of office, warehouse, and industrial space. 10 mins away of Balcones Club is the Arboretum – an outdoor shopping center that has become one of Austin’s top shopping and dining destinations. It is 3 miles from the $1BBN Apple headquarters scheduled to complete construction mid-2022.
The technology and manufacturing growth that has driven Austin over the past decade is projected to continue for the foreseeable future. Austin’s current unemployment is 2.7%, versus 3.8% for the country. For the second year in a row, Austin has been named the best tech city in the United States by CompTIA. 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.