Landmark at Barton Creek, Austin
PROPERTY TYPE
Multifamily | Workforce Housing
PROPERTY SIZE
298 units
PROPERTY OVERVIEW
Acquired in 2021, Landmark at Barton Creek is a garden-style multifamily property spread over 13 residential buildings on 19 acres in the highly sought after Southwest market of Austin. The property is adjacent to the highly desirable Barton Creek Greenbelt where there are limited affordable housing options nearby. By comparison, units at this property lease for $400+ per unit below nearby product.
The property offers a full amenity package that includes granite walkways, a hammock park, a new outdoor pavilion with a fire pit, screen projector, entertainment kitchen, gas grills, resort style pool, and fitness center.
In addition to strong in-place cash flow, the property features additional upside opportunities through renovating the remaining 54% of the units that are in classic condition. So far renovations have cost an average of $11,000 and resulted in a ~$270 per month premium.
