Array (rebranded from Arrangement) is a 370-unit rental property approximately 3 miles southeast of downtown Austin, TX. The property was originally built in 1973 and has since undergone a $10 million renovation.
The property now features a level of design and quality that competes with new construction but at a value-oriented price point. All of the roofs have been replaced. Virtually all appliances and finishes are new, and flooring has been updated to vinyl wood plank.
Amenities include two large pools (including one Olympic sized pool), two dog parks with pet washing station, modern fitness center with elevated spinning room and yoga room, gut renovated resident lounge, business center and internet café, covered outdoor gaming area, lighted sports court, fully updated laundry rooms, outdoor seating and grills, and a bus stop directly in front of property.
The East Riverside corridor, where the property is located, is experiencing tremendous gentrification in the midst of a revitalization. Rental rates in the submarket grew 6.8% from Q4 2014 to Q4 2015. In December 2015 Oracle announced a major expansion just one mile from Arrangement. This will bring over 1,500 direct jobs and an estimated 4,000 total jobs to the immediate area on a new 27-acre, 560,000 SF corporate campus.
CLP successfully closed on the sale of Array in September 2019.