A partnership between Argosy Real Estate Partners V and Bowtruss Real Estate Development has exited its investment in a 17-acre site in Pflugerville, Texas. The site, located in a suburb of Austin, sold to a California-based, for-sale homebuilder, according to the firm.
Argosy originally planning to construct a 186-unit build-to-rent community, but market conditions shifted and Argosy decided to sell the property instead of build. The land was originally acquired at a discount, enabling a profitable exit.
