Disrupt Equity completes a $30,146,330 acquisition of the Cascade in Travis. TX in June 2022. The Cascade is a 198-unit asset built-in 1971. Renovations on Cascade Apartments were completed in 2016.
The Property is located at 1221 Algarita Ave Austin, TX, 78704, positioned just south of the river running through downtown Austin and centrally located to some of Austin’s most popular destinations, including the famed South Congress and South Lamar Districts, as well as the Austin Central Business District. Residents at Cascade have access to some of the biggest employers in Austin, including Google, Facebook, Whole Foods, Amazon, and Oracle, all within 5-10 minutes from the Property. The Property is centered in an affluent neighborhood with strong demographics. The immediate submarket holds a median household income of $112,000 and a median home sale price of $975,000 within a 3-mile radius of the Property. Cascade’s submarket finished 2021 with rental rates at $2.27/SF, 17% higher from the beginning of the year. Occupancy also held at 95% or higher throughout the year, proving booming demand for Austin multifamily.
Cascade Apartments offers one-bedroom, two-bedroom, and four-bedroom apartments with community features, including two swimming pools, recreation areas, on-site laundry, and a fitness center for residents to enjoy. The Property offers great value-add opportunities with over 40% of interior units left unrenovated. The Disrupt Equity plans to begin interior renovations in-line with the immediate submarket and improve the assets amenity package.
Disrupt Equity’s in-house management firm, Disrupt Management, will be managing Cascade Apartments.
Cascade Apartments was the second acquisition for Disrupt Equity in the month of June, with the anticipation of a third asset to close by the end of July 2022.
Disrupt Equity is a multifamily real estate syndication company. With decades of combined real estate experience in its leadership team, Disrupt Equity helps investors achieve strong passive income through multifamily investing. Disrupt Equity has assets in urban multifamily buildings as well as large-scale apartment communities in major metropolitan markets.