Inside one owner's quest to build scale in an Austin suburb

Inside one owner's quest to build scale in an Austin suburb

Leslie Shaver, Multifamily Dive

May 23rd, 2023

 

“SPI Advisory has acquired a 264-unit property outside Texas’ capital.”

The Bradford Apartments

SPI Advisory recently purchased The Bradford as it builds its portfolio in the Austin, Texas metro.

“In 2021 and early 2022, investors bid up value-add properties in Texas as people moved to the Lone Star State.

But interest rate increases have thrown cold water on the once-scorching market, denting property values and bringing sales to a screeching halt.

The turbulence created an opportunity for SPI Advisory and its 1031 exchange partners. In early May, the Dallas-based owner secured The Bradford, a 264-unit in the Austin suburb of Buda, Texas, for less than it would have paid a year ago.

“This was a pretty good discount to where pricing would have been 12 months earlier with interest rates still up and dislocation in the market,” Michael Becker, the co-founder and principal of SPI Advisory, told Multifamily Dive. “This is a relative discount to some of the sales that happened at the beginning of 2022.”

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