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