SPI Advisory (SPI) and its partners finalized the acquisition of Riverbend Apartments (formerly known as Hawthorne Riverside), a 164-unit, Class A- institutional-quality apartment community built in 1995. The property is conveniently located between the San Antonio and Austin metros along the I-35 Corridor in the heart of New Braunfels, a booming submarket at the edge of the hill country showcasing two idyllic rivers, the Comal and the Guadalupe, which attract over three million tourists each year.
Riverbend Apartments boasts direct access to the Guadalupe River via a private 3.5-acre riverfront park for residents. The property has strong area demographics with an average household income of $107,000 within a five-mile radius and benefits from quick access to a diverse economy of industries including tourism, distribution, manufacturing, data centers, healthcare, and aviation. Riverbend offers its residents the luxury of modern unit interiors complemented with exclusive access to its private park with walking and biking trails, a fire pit, BBQ/picnic areas, a volleyball court, kayaking, paddle boarding, and more.
This acquisition comes exactly one month after SPI’s acquisition of Parkview Terraces (formerly known as Cortland Southpark Terraces), a Class A, 244-unit apartment community located in South Austin. SPI now owns and operates nine institutional-quality properties within the proximal submarkets of Austin, Kyle, and Buda, as well as 1,160 units in nearby San Antonio.
Prior ownership partially upgraded approximately 25% of units and their ROI on those renovations proved there is strong demand for more contemporary finishes. Over the next two years, SPI will execute its own renovation plan to maximize the desirability of the asset and highlight its prime riverfront location. SPI intends to update the community’s common areas, gym, and landscaping, as well as install washers/dryers in every unit, add private backyards in select units, and upgrade 75% of unit interiors to a premium finish out.