Brixton Capital Announces Acquisition of Apartment Community in Buda, Texas
PRESS RELEASE
BRIXTON CAPITAL ANNOUNCES ACQUISITION OF APARTMENT COMMUNITY IN BUDA, TEXAS
Purchase Consistent with Brixton’s Focus on Workforce Housing
BUDA, Texas (May 31, 2022) – Brixton Capital (Brixton) has purchased the Royalton at Sunfield, a 300-unit apartment community in Buda, Texas, immediately south of Downtown Austin, for an undisclosed price.
The 2021-built, 276,080-square-foot property consists of 14 three-story buildings. The property is fully amentized with a pool, dog park, private office space, community kitchen and entertainment pavilion, tenant lounge and fitness center.
Located at 2825 Main Street, Brixton purchased this property from Dallas-based SWBC, which was represented by Will Balthrope, Jordon Featherston, Kent Myers and Taylor Hill of Institutional Property Advisors (IPA). Brixton represented itself in the transaction.
“We are continuing to focus our multifamily acquisitions on essential housing in major markets throughout Texas and the Western States,” said Brixton Capital President Mark Selman. “Our strategy reflects demographic trends showing a higher percentage of the population choosing to rent rather than purchase homes, in much greater numbers than previous generations.”
This trend is exemplified in Buda, a rapidly growing area of South Austin that is experiencing extraordinary job growth along the I-35 corridor between Austin and San Antonio.
In addition to rebranding the property as Ryze at Sunfield, Brixton is planning minor upgrades to the unit interiors. These will include the installation of washer/dryer units and a technology package with keyless entry, programable remote thermostats and USB ports.
“The economic expansion and job creation between Austin and San Antonio is extraordinary,” said Brixton Capital Vice President of Acquisitions Jim Hamilton. “This growth is leading to an extraordinary demand for new residential housing and attracting new high-quality renters. This property offers excellent access to major job centers in the Austin area, daily needs retail and high-quality schools in a sought-after community known for its Texas Hill Country lifestyle.”
United Apartment Group (UAG), a San Antonio-based property management firm acquired by Brixton in 2020, will continue to manage the property.
About Brixton Capital
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in San Diego County’s Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience. Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office and land investments across the United States and Europe. For more information, visit www.brixtoncapital.com.
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For more information:
Mark Selman, President Jennifer Whitelaw
(858) 367-7147 (619) 733-5944
Photo caption: (credit: Square Foot Photography)