Latest acquisition expands portfolio to 3,747 units between San Antonio and Austin.
Riverbend Apartments, formerly known as Hawthorne Riverside, is a 164-unit apartment community in New Braunfels, on the banks of the Guadalupe River.
“A Dallas investor has scooped up a value-add property in New Braunfels, on the banks of the Guadalupe River.
SPI Advisory, which also has an office in Austin, finalized the acquisition of Riverbend Apartments, formerly known as Hawthorne Riverside, a 164-unit apartment community built in 1995, at the end of September.
"This is the kind of property we've always wanted to buy and never had the opportunity," said Sean Mabarak, co-founder and principal of SPI Advisory. He explained that the property was unique in terms of access to the riverfront and that developing a similar property today would be considerably more difficult.”
In easier markets, Mabarak said major institutional players would typically be able to better compete on price, but the current market gave SPI more leeway. Still, making the purchase required precisely timing capital markets.
With the acquisition of Riverbend Apartments, SPI now owns and operates 3,747 units between San Antonio and Austin.