SAN FRANCISCO, CA (SEPTEMBER 2022) — Polaris Real Estate Partners (PREP), a principal investor and manager of multifamily properties, has purchased Hunt Club, a 384-unit stabilized multifamily property in Austin, TX.
“We noticed that Hunt Club’s in-place rents were significantly below market rates. We intend to further upgrade 300 units at Hunt and improve the general resident experience with exterior and interior improvements,” stated Travis Pacoe, General Partner of Polaris Real Estate Partners. General Partner Ron Abta also noted, “We believe that upgrading Hunt’s units to a more contemporary finish and design will allow the property to achieve its neighbors’ rent levels, or even higher, given the setting and proximity to desirable destinations.”
Hunt Club has an excellent amenity package including a resort-style swimming pool with cabanas, expansive courtyard, basketball & tennis courts, playground, clubhouse, fully equipped fitness center, lounge, and washer-dryer hookups in all units. The property has a mix of one and two-bedroom floorplans with a large average unit size of 831 square feet, along with a total of 676 parking spaces including 140 carports and 22 detached garages. Hunt Club is zoned within the well-regarded Round Rock Independent School district, which consistently ranks within the top 10 of all school districts throughout the Austin metro.
Hunt Club is in close proximity to exceptional retail and employment opportunities including Apple’s new campus and McNeil Business Park. Located about 10 minutes from Hunt Club, the Arboretum is an outdoor shopping center that has become one of Austin’s top shopping and dining destinations. Also, just 10 minutes from Hunt Club is the Domain: a high-density office, retail, and residential center located in the northeast quadrant of US – 183 & the MoPac Expressway.
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 just 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 existing 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. The Polaris senior management team has an average commercial real estate experience tenure of over 26 years. Its two General Partners have acquired 6,422 units to build PREP’s current portfolio. 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 seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.