Vista Investment Group Acquires South Austin Community

SoCo Apartments. Image courtesy of Vista Investment Group Vista Investment Group has acquired SoCo Apartments,…

SoCo Apartments. Image courtesy of Vista Investment Group

Vista Investment Group has acquired SoCo Apartments, a 122-unit community in Austin, Texas. The property was previously owned by Avela Real Estate Partners, a company that purchased the asset at the end of 2020, assuming an outstanding balance of an $8.8 million loan held by Northwestern Mutual, according to Yardi Matrix data. The same data provider shows that SoCo Apartments became subject to a $2 million loan last year.

Executive Managing Director Will Balthrope, First Vice President Jordan Featherston and Senior Vice President Kent Myers of Institutional Property Advisors represented the seller of the property, which was 96 percent occupied when the deal closed.

Planned upgrades

Vista Investment Group intends to renovate the interiors of 105 units and the exterior of the property through a multimillion-dollar capital improvement plan. Built in 2004, the 16 buildings, two-story community encompasses one-, two- and three-bedroom apartments, averaging 849 square feet. All unit feature microwave ovens and washers and dryers. Common-area amenities include a swimming pool, fitness center, picnic and grilling area, clubhouse and business center, among others.

Located at 6300 S. Congress Ave., SoCo Apartments is roughly 7 miles from downtown Austin and provides easy access to Interstate 35. Dining and retail options are available along South Congress Avenue and East Stassney Lane. Austin-Bergstrom International Airport is 9 miles away.

SoCo Apartments marks Vista Investment Group’s first multifamily acquisition in the metro. According to a recent Yardi Matrix report, the Austin multifamily market has been constantly attracting new investors in the past few years. Last year marked a new peak in transaction activity in the metro, with more than $4.3 billion in multifamily asset sales.

See also  FCP, One Real Estate Buy San Antonio Community