L.A. based Orion Real Estate Partners (“Orion”) announced today that it has closed on the acquisition of Triple Crown 2 Apartments, a garden-style apartment community in Austin, Texas.
Built in 1973, the 199-unit property is located approximately 4.5 miles from The University of Texas at Austin, 5.5 miles from downtown Austin, and 6.5 miles from The Domain. Also within 1 mile of the property are the redevelopments of Austin Community College/Highland Business Center and Mueller Airport.
Triple Crown 2 is well-located to cater to an underserved workforce renter population that has been priced out of newer properties in the market. Orion plans to spend approximately $1.8 million to improve the property’s exterior and amenities and renovate the unit interiors.
CBRE Multifamily Capital provided an attractive 10-year fixed rate acquisition loan through the Fannie Mae Green Financing loan program. The Property Society will provide property management services on behalf of Orion.
Orion is actively looking to increase its exposure to affordable workforce housing assets in Austin, Denver, Salt Lake City, Seattle, and Portland due to strong demographic growth and solid multifamily market fundamentals.
