DB Capital plans to invest millions of dollars to improve the portfolio — which holds a combined 422 units in a trio of buildings constructed in the 1980s — over the next two years. At the time of the sale, the properties were 95% occupied.
CBRE Group Inc.’s Michael Wardlaw, Charles Cirar and Colin Cannata represented the seller in the transaction of 1200 Mearns Meadow Blvd., 1804 Rundberg Lane and 1735 Rutland Drive.
DB Capital Management made its first acquisition in Austin in 2018 and now has 724 units in the area and aims to continue to expand.
“The portfolio’s proximity to our other assets in North Austin, combined with our growing influence in the market, provides us an opportunity to achieve synergy through economies of scale,” DB Capital Management Vice President of Acquisitions Hunter Graul said in a statement.
“We are bullish on the long-term outlook for Austin, particularly North Austin, which is one of the last remaining affordable suburban infill markets in the city. We will continue to seek compelling opportunities and plan to increase our portfolio in the market with a goal of acquiring an additional 500 to 1,000 units over the next year-and-a-half,” he added.
In the last two months, the company has acquired $100 million in multifamily assets in the Western United States. It is active in California, Oregon, Utah, Colorado and Texas.
