CLP acquired the 452-unit Asher community (rebranded from Stonegate Apartments) in March 2015. The property is located on a 56-acre parcel adjacent to a development-restricted greenbelt and is a fifteen-minute drive from downtown Austin.
The Austin market continues to experience significant net in-migration and strong job growth driven by multiple corporate relocations and a high standard of living. After a two-year period of evaluating opportunities and investigating the Austin market, CLP identified in Asher an opportunity to acquire a well maintained, attractively located community with a high level of existing amenities at a price that compared favorably to other market sales.
CLP successfully sold Asher in July 2019.