LOS ANGELES--(BUSINESS WIRE)--Arc Capital Partners, a real estate investment platform formed by 20-year industry veterans Quincy Allen and Neville Rhone, has acquired The Establishment, a 139-unit apartment community in the South Congress submarket of Austin, Texas. The company partnered with Cardinal Group Investments (CGI) to acquire the property on November 22, 2013.
Building upon its existing local presence, CGI will rebrand the property under its successful multifamily platform Mint Urban™ that brings contemporary, chic living experiences to urban areas across the United States.
Located at 3501 South 1st Street, the apartment property offers efficient one- and two-bedroom floor plans. Community amenities include a swimming pool, a barbecue and picnic area and communal courtyards.
Arc Capital Partners sees great potential in the property. The Establishment was acquired in an off-market transaction and is located in an emerging community that is only 10 minutes from downtown Austin. The new ownership expects the property to continue benefiting from strong demand among Millennials seeking rental homes in the South Congress area.
“As investors in Austin for over a decade, we immediately recognized this as an opportunity to generate an attractive risk-adjusted return in a market with a growing population and employment base,” said Neville Rhone, Managing Partner of Arc Capital Partners. “We are very excited to partner with Cardinal Group Investments in our first investment since forming Arc Capital Partners. They have a demonstrated commitment to quality with the Mint Urban brand and are focused on improving the resident experience on the property.”
“We are pleased to partner with Arc Capital Partners, and to help bring affordable, high-quality rental housing to such a vibrant community in Austin,” said Jason Luker with Cardinal Group Investments. “Neville has a strong track record of success in the Austin market, and his existing relationships and ability to move quickly were instrumental in closing on the acquisition of The Establishment.”
About Arc Capital Partners
Arc Capital Partners LLC is a Los Angeles-based boutique commercial real estate platform co-founded by Quincy Allen and Neville Rhone to target middle-market investments (requiring $3 – $15 million of capital) in high-demand employment centers that are expected to benefit from rapid growth in echo boom and diverse population groups. The firm focuses on value-add/opportunistic assets in the Sunbelt region of the U.S. in need of recapitalization, repositioning or development capital.
About Cardinal Group Investments
Cardinal Group is a fully-integrated real estate investment, development, and management firm specializing in opportunistic and value-added investments throughout the United States. The firm acts as a sponsor of private equity real estate partnerships and provides asset management services through its investment company Cardinal Group Investments, LLC ("CGI"). CGI's affiliate management company, Cardinal Group Management, LLC ("CGM"), provides property and construction management services to all of CGI's owned assets as well as to outside owners on a third-party basis.