AUSTIN, Texas--(BUSINESS WIRE)--On June 28, 2018 private equity real estate firms JoCo Partners and The ValCap Group teamed up to acquire two off-market apartment communities in the sought-after Anderson Mill neighborhood of Austin, TX. Westwood Apartments was built in 1983 and consists of 152 rental units, while Audubon Square was built in 1986 and consists of 164 units. The joint-venture plans to combine Westwood Apartments and the adjacent Audubon Square Apartments into a single 316 unit garden style community called The Lantern, www.lanternaustin.com. This upscale community, near the highly acclaimed Westwood High School in the Round Rock School District, will include upgrades and additions to the community amenities.
The renovation plans include high-end interior improvements to all the apartment units, including granite countertops, stainless steel appliances, and mosaic backsplash tiling. One of the existing offices will be converted into a clubhouse available for use to the community residents and a mega fitness center to include outdoor spinning, a yoga center and a fully equipped weight and cardio room. There will be extensive exterior renovations to the three pool areas, the addition of an outdoor grilling station and the inclusion of game areas for kids and families. For pet lovers, the construction team will create a dog park as well as a dog washing station that will be open to all residents.
About JoCo Partners: A real estate investment company with over 15 years of experience and a focus in medium to large commercial acquisitions. JoCo Partners collaborates with real estate investors as the asset management division of entities that evaluate, acquire, reposition, manage, and create an exit strategy for each property based on its highest value and best use. JoCo Partners currently has over 2,000 rentals and over $200M under asset management.
About The ValCap Group: Founded in 2012 as a collaboration between Richard Fishman, a former mortgage banker from San Diego, CA, and Jack Franco from Newport Beach, CA. Since its founding, ValCap has completed 12 projects consisting of over 3,200 units which were successfully repositioned and sold. These assets represent in excess of $166 million in total sales over the 6-year time frame. The average IRR for these projects was approximately 22% return for the partnerships involved.