SPI Advisory sells Class A Kyle, TX apartments after five years of ownership
SPI Advisory sells Class A Kyle, TX apartments after five years of ownership
PRESS RELEASE | May 22nd, 2024
SPI Advisory, LLC
On May 22nd, SPI Advisory, LLC ("SPI"), the Dallas & Austin-based multifamily private equity firm, announced the sale of Oaks on Marketplace, a 254-unit, Class A apartment complex constructed in 2017 and located at 20400 Marketplace Avenue in Kyle, TX, the third fastest-growing city in the country (U.S. Census Bureau, Dec '23).
Located along the high-growth IH-35 corridor, just seven miles south of Austin, Oaks on Marketplace attracts renters seeking a luxurious yet casual Austinite lifestyle at an affordable price. Residents enjoy direct access to the greater metropolitan area as well as proximity to major employers such as Texas State University, Amazon, FedEx, Lowe’s Distribution, Acension Seton Hays Hospital, St. David’s Healthcare, and the upcoming Tesla facility in the Kyle/I-35 Logistics Park, four miles away.
“Oaks on Marketplace has been a great performing asset for us the last five years,” said Michael Becker, Principal at SPI Advisory. “While we still are very bullish on the I-35 corridor between Austin and San Antonio and own numerous other properties nearby, we felt it was the right time to go full cycle and return capital to our investors so that we can redeploy into better opportunities,” Michael continued. “SPI is very bullish on the greater Austin metropolitan area, evidenced by the fact that we were among the largest Central Texas buyers in 2023 and expect to be a net buyer of Austin in 2024. Today, newly constructed Austin apartments are on sale as developers have temporarily oversupplied the Austin market. We are attempting to buy as many assets as possible before the market fundamentals firm up a couple of years from now. The extreme market conditions today are setting up Austin to be dramatically undersupplied again for a few years, starting around 2026. We want to be very long a world-class city like Austin ahead of that.”