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 portfolio investments described herein are not representative of all ASB portfolio investments. It should not be assumed that other portfolio investments will have the same or similar characteristics. There can be no assurance that any such trends will continue. 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. ASB Allegiance Real Estate Fund is a registered mark in the U.S. Patent and Trademark Office.