The Chloe Kyle
342 Unit Multifamily | Kyle, TX (Austin MSA)
09.22
Acquisition Date
342
Multifamily Units
948
Avg SqFt.
3 Years
Target Hold Period
OUR PORTFOLIO
Recent Acquisitions
Description
The Chloe Kyle is a brand-new 342-unit community located in the booming South Austin suburb of Kyle, TX. The property anchors the Dry River District, a 65-acre mixed-use development including medical, hotel, and over 300,000 SF of walkable retail space (Costco, Home Depot, Evo, and a Starbucks to name a few). The asset was completed in July 2022 and consists of 11 three-story residential buildings and a clubhouse across 15 acres. Amenities include a resort-style pool, high-tech fitness center, game lounge, co-working and group workspaces, dog park, playground, and entertainment kitchen.
Location
3400 Kyle Crossing
Kyle, TX 78640
Opportunity + Execution
Execution:Value Add | Deal Source:Off-market
- Leveraged a strategic relationship with a merchant builder to acquire a newly built, pre-stabilization, Class A asset in what is arguably the hottest MSA in the country at a price adjusted for the surety of execution.
- As a merchant builder with a develop-and-sell business strategy, various “Other Income” opportunities were left unexplored which creates a clear path for immediate value-add.
- We plan to be heavily hands-on with the existing management company to ensure the elevation of leasing operations and close the gap between in-place rents and comparable Class A assets through the remaining lease-up period and beyond.
- Considering the vintage of the asset, our renovation program is limited to enhancing the common areas and introducing other revenue-generating amenities such as car ports and extended pet yards.
- The property is well positioned to capitalize on the convergence of two rapidly growing cities in Austin from the North and San Antonio from the South.
- This asset is a fresh addition to the existing portfolio and re-iterates our dedication and focus on the IH-35 Corridor that links Dallas, Austin, and San Antonio.