AUSTIN – (Realty News Report) – Domain Communities, a multifamily owner based in Houston, has purchased its first property in Austin. Iron Rock Ranch is a 300-unit apartment community consisting of 84 townhomes and 216 garden-style apartments. Built in 2002, the property sits on over 22 acres of land and includes 60 garages, two swimming pools, a clubhouse and numerous amenities.
The property was marketed by the CBRE Central Texas Multifamily Team of Charles Cirar, Michael Wardlaw, and Colin Cannata. Financing was provided by MF1 in New York City and arranged by John Fenoglio with CBRE Capital Markets in Houston.
“This is our second acquisition this year under our Targeted Value-Add Strategy which is designed to combine the capital preservation benefit of owning a core asset with the upside benefit of owning a value-add asset,” said James D. Golden, Founder and CEO of Domain Communities. “This strategy contemplates the possibility of a longer-term hold and is a hedge against market volatility.”
Originally based in Scottsdale, Domain has traditionally bought properties in high growth markets including Tempe, Mesa, Phoenix, Tucson, Dallas, Houston and Atlanta.
“It was impossible to ignore the dynamics of the Austin market,” said Golden.”Two weeks after signing the purchase contract for Iron Rock Ranch the Urban Land Institute named Austin the #1 real estate market in the country out of the top 80 markets.”
The property will be managed by The Tipton Group, which is based in Dallas. The Iron Rock Ranch project “is a core asset in one of the most dynamic cities in the U.S. that has significant upside potential through upgrades to the units and common areas,” said Bryan Kerns, principal of The Tipton Group.
Dec. 19, 2019 Realty News Report Copyright 2019
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