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.
Villas Tech Ridge is a 350 unit, Class A luxury apartment community located in Austin, TX. Built in 2008, the property is part of the 236-acre Tech Ridge master plan community, a fast-growing area that houses many of world’s largest tech companies including Dell, Samsung, IBM and Applied Materials. The property was developed as part of the Austin Energy Green Builder Program, an environmentally-driven program that requires special consideration for “green” and energy-saving opportunities.
The property features a resort-style pool with a large cabana, complemented by a clubhouse, fitness center and pet park. The location enjoys high visibility, nearby retail, easy access to highways and transportation, and is situated within the highly-regarded Pflugerville School District.
Units include open floor plans with nine-foot or vaulted ceilings and high-end finishes, including granite countertops, mahogany cabinets, ceramic tile, and vinyl plank flooring.
Sage at 1825 consists of two adjacent assets, 1825 Place and 1825 Cottages, totaling 455 units. The two properties, connected by a driveway, are operated from a single leasing office and share both staffing and amenities. 1825 Place was completed in 2001 and totals 351 units in two and three-story buildings. 1825 Cottages was developed in 1986 and is comprised of 104 two-bedroom units. 1825 Cottages consists of all two-story buildings with large fenced yards included on all ground floor homes. The fast-growing three-mile area surrounding the property experienced a population increase of 88% between 2000 and 2015. This 455-home community includes custom features, luxury details, and a prime North Central Austin location that is convenient to the premier employers in the Austin Metro area.
Located just east of the intersection of Wells Branch Parkway and IH-35, Sage at 1825 is in the middle of Austin’s dynamic technology-driven growth corridor. Employers seeking to attract and retain highly skilled workers have long preferred this corridor for expansion and re-location due to the quality of the neighborhoods, desirable Pflugerville Independent School District, nearby retail venues, and convenient roadway infrastructure.
Community amenities include a resort-style two-tier pool, 24-hour fitness center, recently renovated clubhouse, business center with WiFi access, carports, attached and detached garages, outdoor playground, and pet park. Unit features include private yards for ground floor units, individually metered gas water heaters, washer/dryer connects in every unit and wood-burning fireplaces in select units.
Azure is a 220-unit rental property located in Corpus Christi, TX. Built in 1998, the property is situated near recreation, retail, healthcare facilities, and less than 20 minutes from Corpus Christi’s CBD, which allows residents easy access to a multitude of local employment opportunities. Its location enjoys high visibility and easy access to major transportation arteries.
The property is beautifully landscaped and features a resort-style pool, modern clubhouse with WiFi, business center, fitness center, sand volleyball court, and dog park.
The local economy consists of a healthy mix of trade and transportation, oil and gas downstream services, health care, education, government, and leisure and hospitality. The area is host to employers such as Naval Air Station, Texas A&M University, and Port of Corpus Christi.
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.
Sage Corpus Christi is a 284-unit property built in 2014 offering features such as a resort-style pool, modern clubhouse, business center, and fitness center.
Located in Corpus Christi, TX, the property is situated near recreation, retail, healthcare facilities, and is less than 20 minutes from Corpus Christi’s CBD. Christus Spohn Hospital, which is currently the second largest employer in Corpus Christi (5,000+ direct employees, plus thousands of other local jobs it indirectly supports) and is leading the job growth in the area, is located less than 1 mile from the property. Its location enjoys high visibility and easy access to major transportation arteries.
The local economy consists of a healthy mix of trade and transportation, oil and gas downstream services, health care, education, government, and leisure and hospitality. The area is host to employers such as Naval Air Station, Texas A&M University, and Port of Corpus Christi. According to the Wall Street Journal, chemical companies and other energy-intensive businesses seeking access to cheap domestic supplies are building new facilities near the port, with $30 billion in construction projects underway.
From its landscaping to its high-end interior finishes and first class amenities, Sage Corpus Christi has excellent curb appeal and compares favorably to its comps. The new construction means that capital expenses and maintenance costs will be lower than older vintage assets. Given the 2014 vintage, the property will be well positioned for future value-add towards the end of our hold period. This enable us to market the property for sale as a value-add opportunity or pursue higher rent premiums by undertaking the renovations ourselves.