Author: Sarah

Disrupt Equity Acquires 369-Unit Apartment Community in Austin

Posted on by Sarah

Disrupt Equity recently announced the closing of Array Apartments, a 369-unit Class-B+ multifamily asset in Austin.

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, two bark parks with dog wash, on-site laundry facilities, courtyard, bike racks, and barbecue/picnic areas.

The property is located on Burton Drive between Riverside Drive and Oltorf Road, a 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.

Avison Young Tapped by BAUER Group to Market 79-Ac Class-A Industrial

Posted on by Sarah

Avison Young’s Drew Coupe and Dawson Smith who are both out of the firm’s Houston office have been tapped to market NorthStar Industrial Park, a Class-A industrial redevelopment project located at 100 FM 3083 in Conroe, Texas. The 79-acre site, which currently encompasses five manufacturing and warehouse buildings totaling just under 200,000 square feet, was formerly the U.S. headquarters of The BAUER Group’s subsidiary, NEORig. As part of its efforts to maximize the value of its former site, BAUER has also teamed up with DIBAG Industriebau AG, a German real estate developer that will provide additional consulting services and real estate expertise alongside Avison Young.

The BAUER Group, an international construction and machinery manufacturing concern with more than 110 subsidiaries in some 70 countries that provides services, machinery and products for ground and groundwater, has owned the Conroe property since beginning development of the park in 2009. BAUER’s business plan is to lease the five existing Class-A buildings as well as market opportunities for both distribution and manufacturing build-to-suit projects on the site’s 31.5 acres of excess land. Once built out, NorthStar Industrial Park could total up to 500,000 square feet of building space.

NorthStar Industrial Park is strategically located east of Interstate 45 with access from both Loop 336 and FM 3038 and is about one hour north of Houston. The greater Houston industrial real estate market continues to exhibit strong fundamentals, sitting at around 6% vacant today.