Disrupt Equity recently announced the closing of Array Apartments, a 369-unit class B+ multifamily asset in Austin, TX purchased for $60,379,819 in property value and $21,370,181 in intangible value.
Array Apartments was built in 1973 and features 369 one- to three-bedroom units. Current ownership has upgraded 100+ units with white cabinetry, white and black speckled granite countertops, and stainless steel/black appliances. Disrupt Equity has identified Array Apartments as well positioned to capitalize on a substantial and proven value-add strategy to renovate 100+ remaining classic units, as well as elevate another 100+ units to a higher level fit and finish and upgrading and the Property’s amenity package to cater to the high-tech young professional demographic to capture the additional rent premiums that the fully renovated units at Array are already recognizing.
The Array Apartments community offers a variety of resident amenities, including a resident clubhouse, yoga studio, spin room, fitness center, business center, sport court, two resort-style swimming pools, 2 bark parks with dog wash, on-site laundry facilities, courtyard, bike racks, and barbecue/picnic areas.
Array Apartments is a quality asset centrally located within Austin’s burgeoning Riverside corridor. The Property is located on Burton Drive between Riverside Drive and Oltorf Road, quick access to I-35, which provides unmatched accessibility to the Austin Central Business District, one of Austin’s most desirable areas with unlimited nearby entertainment and dining options. Oracle’s 27-acre corporate headquarters is five minutes from Array where it operates a 560,000 square-foot campus and is home to over 6,000 employees. Additional employers in the area include Austin-Bergstrom International Airport, Austin Energy, and Tokyo Electron.
The Property’s submarket holds bullish demographics and submarket rent growth/ The median home price in the 78741 zip code has increased 29.5% year-over-year, creating unprecedented demand for more attainable rental options. Rent growth over the previous 12 months for the Southeast Central submarket totaled a staggering 29%, and the occupancy in the submarket is now 95%.
The asset will be managed by Disrupt Management, Disrupt Equity’s in-house multifamily property management firm that currently manages over 500 units in the Austin market.
These closing marks Disrupt Equity’s third multifamily acquisition in 2022, with a fourth multifamily acquisition closing on August 18th, 2022.