AUSTIN–Passco Cos. Inc. has acquired Lone Oak Apartments, a recently completed 304-unit, class A garden-style multifamily community located in Round Rock, according to Gary Goodman, senior vice president acquisitions at Passco Cos.
“Lone Oak is Passco’s first acquisition in the Austin market, and it’s an investment that we are thrilled about, especially since we have been seeking a property acquisition in this market for some time,” Goodman told GlobeSt.com. “The Austin market has demonstrated tremendous economic strength in recent years, with major contributing factors including its prestigious University of Texas, the city’s ample government employment opportunities, and its booming technology industry.
According to Goodman, Lone Oak Apartments was completed in 2014, and is currently 92 percent occupied.
“The area’s booming IT industry and a recent surge in development will continue to fuel the expansion of Austin in the coming years,” he says. “In fact high tech employment is up 30 percent since 2010, contributing to the area’s low unemployment rate of only 3.5 percent, which is far below the current U.S. national average.”
Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged the financing through Fannie Mae for the acquisition of the property. [GlobeSt]
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