Lantana Trace Apartments
About this Property
Acquisition of a 112 unit garden style apartment building in Austin Texas, in the immediate neighborhood to two assets ACA owns and operates. Both properties are collecting higher rents, despite being smaller in unit size, unit quality, and curb appeal to the subject. The North-Central submarket is one of the strongest submarkets in Austin, which is the the 2nd fastest growing economy in the nation according to Forbes. North-Central occupancy rates are at 96%, and are rents are forecasted to rise an additional 4.5% in 2015.
- Property’s in-place rents are as much as 18% below the submarkets average asking rents
- Property’s in-place rents 13% below current rents signed at the Manager’s properties in the immediate neighborhood and are walking distance from the subject. Units at the manager’s properties are inferior in size and quality to the subject property.
- The Seller has maintained the property professionally, but did not elevate rents to be reflective of the current market
- Located in the North-Central submarket with a 96% occupancy rate – one of the strongest in the nation’s 2nd fastest growing economy of Austin, Texas
Austin is ranked the 7th in city population, and 35th overall in MSA.
- MSA Rank 35
- Median Income $58,932
- MSA Population 1,883,051
- Population Growth 9.72%