Hertz Investment Group has purchased a three-property multifamily portfolio in Austin. The 422-unit deal represents Hertz’s only residential assets among its portfolio. In addition, the transaction marks Hertz’s entry into the fast-growing Austin area.
Hertz historically has built its portfolio with the acquisition of undervalued class A office space near the central business districts in midsize markets. It currently owns and manages 61 properties in 21 markets across 15 states.
The new residential portfolio includes the 132-unit Amor, the 130-unit Feliz and the 160-unit Vida in Northwest Austin.
The benefits for tenants include major renovations to the three properties, which were built between 1980 and 1984. The interior renovations will include quartz countertops, updated vinyl plank flooring and new plumbing. The exterior will have new roofing, courtyard areas with fire pits, new fencing and the addition of a dog park and playground.
The unit mix
