A class “A” 3 story apartment complex with 349 units with leasing office and clubhouse of ± 292,000 net rentable square feet on approximately 13.7 acres of land.
The Project was initiated in 2017, built through 2018 and 2019, reaching stabilization in late 2019. It was sold in the first quarter of 2020 yielding a 23.5% annual internal-rate-ofreturn and a 1.85 multiple to investors for a just over three year hold.
After successfully developing, leasing and selling Aria Plum Creek, which was so well received in the market that it reached full occupancy within a few months of opening, our beliefs in the Austin market, generally, and south Austin, specifically were confirmed. This left us enthusiastic to start a new project. Major retail including Target, Kohl’s, Lowe’s, and Walmart have recently opened nearby. Kyle’s population grew from 5,000 citizens in the year 2000 to over 37,000 in 2016 according to the Kyle Economic Development bureau. The population is currently expected to approach 45,000 citizens by the year 2020.