The Dallas & Austin-based Austin-based multifamily private equity firm SPI Advisory acquired Riverbend Apartments (formerly known as “Hawthorne Riverside”), a Class A-, 164-unit apartment community built in 1995 located in New Braunfels, TX
“On September 28th, 2023, SPI Advisory (“SPI”) and its partners finalized the acquisition of Riverbend Apartments (formerly known as “Hawthorne Riverside”), a 164-unit, Class A- institutional-quality apartment community built in 1995.
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Prior ownership partially upgraded approximately 25% of units and their ROI on those renovations proved there is strong demand for more contemporary finishes. Over the next two years, SPI will execute its own renovation plan to maximize the desirability of the asset and highlight its prime riverfront location. SPI intends to update the community’s common areas, gym, and landscaping, as well as install washers/dryers in every unit, add private backyards in select units, and upgrade ~75% of unit interiors to a premium finish out.”
