SPI Advisory Buys Apartments in Hutto Near Austin's Tech-Hub
SPI Advisory’s Michael Becker with Skyview North (SPI Advisory, Getty)
“Texas private equity firm SPI Advisory has nabbed on a newly-built 336-unit apartment complex in Hutto, North of Austin.
SPI acquired the complex, called Skyview North, from Alliance Residential Oct. 14 six months after it hit the market, according to a release. It is the company’s sixth acquisition in the Austin metro area.
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Michael Becker, principal of SPI Advisory, said his firm was able to acquire the property for a lower price than it was originally on the market for.
“What we liked about it was, first and foremost, it’s newly constructed so obviously it’s this shiny, brand new thing,” Becker said. “And it is well-located in a high growth corridor, and this particular pocket has a fairly-low [multi-family] supply, which is hard to say in most of Austin.””