DECEMBER 21, 2021
ASB Joint Venture Acquires Austin Apartment Complex
Austin, TX — ASB Real Estate Investments (ASB) announced today the acquisition of a 298-unit, 13-building multifamily housing complex, Landmark at Barton Creek Apartments in a joint venture with TruAmerica Multifamily. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.9 billion core vehicle. The seller was Magnolia Capital, a Chicago-based multifamily investor.
Located on 19 acres at 1781 Spyglass Drive, the garden-style apartment property is just three miles southwest of downtown Austin and borders the Barton Creek Greenbelt, a coveted local recreation corridor with access to trails, streams and parks. The complex also features direct access onto MoPac Expressway, a major north-south roadway with easy access to Austin’s employment centers.
ASB Managing Director Nicolas Franzetti said: “The Landmark Barton Creek acquisition fits well within ASB’s workforce housing strategy and expands our portfolio in a top ranked growth market, that should continue to benefit from elevated in-migration over our hold period for this asset. Austin is one of the country’s most dynamic markets where affordable housing options are increasingly more limited for a growing workforce of middle-income renters. We find the opportunity to provide quality affordable apartments in a fantastic location such as Barton Creek particularly compelling.”
Since 2018, ASB has acquired 1,898 workforce housing units for a total of $462 million, in vibrant suburban markets, including near Raleigh, Los Angeles, and in Orange County, California.
The joint venture is ASB’s third with TruAmerica, a prominent national multifamily owner and operator, headquartered in Los Angeles.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $8.5 billion in gross assets under management for over 325 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients.
*as of September 30, 2021
The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.