SPI Advisory Acquires 244-Unit Apartment Community South of Austin
SPI Advisory Acquires 244-Unit Apartment Community South of Austin
PRESS RELEASE | August 28th, 2023
SPI Advisory, LLC
The Dallas & Austin-based multifamily private equity firm SPI Advisory acquired Parkview Terraces (formerly known as “Cortland Southpark Terraces”). a Class-A, 244-unit apartment community built in 2009, & located in Austin, TX, just 15 minutes south of Downtown.
On August 28th, 2023, SPI Advisory finalized the acquisition of Parkview Terraces (formerly known as “Cortland Southpark Terraces”), a newly-renovated 244-unit, Class-A institutional-quality apartment community built in 2009 less than five miles from Austin’s bustling South Congress entertainment district along the rapidly growing IH-35 corridor that connects Austin and San Antonio. Parkview Terraces represents SPI’s 8th current property under management in the Austin metropolitan area, totaling nearly 2,500 units.
Conveniently located fifteen minutes away from Downtown Austin, just off of IH-35 near State Hwy 45 & FM 1626, Parkview Terraces offers its tenants spacious floor plans with contemporary design, resort-class amenities, and proximity to Austin’s major employment, retail & entertainment centers for an affordable price point compared to the general South Central Austin submarkets. The area within a one-mile radius of the property has experienced a population growth of 91% from 2010 to 2022, and the average household income is $104K+ (U.S. Census Bureau, Apr. ‘23).
“With this acquisition, SPI Advisory continues to expand its presence in the Austin market,” said Michael Becker, Prinicpal of SPI Advisory. “Parkview Terraces being located south of Downtown in the I-35 corridor made this opportunity extremely attractive to us… It’s also near several of our other assets in the Kyle/Buda submarket. We’re bullish on the long-term growth prospects of this region and are looking forward to expanding our holdings here ahead of this continued growth.”