We’ve invested $5.8 million in the construction of a new 270-unit luxury apartment community located in Georgetown, Texas, a northern suburb of Austin. Units are planned to feature high-end finishes, including stainless steel appliances, tile backsplashes in kitchens, and balconies. Planned exterior amenities include a resort-style pool with grills and cabanas, a dog park, and a clubhouse complete with business and fitness center.
This is our fourth investment to date with Waypoint Residential, a national real estate firm specializing in the acquisition, development, and management of apartment communities. Waypoint has invested over $2 billion across more than 20,000 multifamily and student housing units.
The Austin area presents a strong opportunity driven by positive demographic trends and a solid rental market. Population growth was 65% from 2000 - 2016, roughly four times the national average, and during the past 10 years, the employment base grew by approximately 37%, approximately six times the national average.
