Vista Investment Group has acquired SoCo Apartments, a 122-unit multifamily community located in Austin.
The financial terms were not disclosed. The seller was Avela Real Estate Partners.
It is Vista’s first multifamily investment in the Texas capital. Vista entered the market in December 2021 with the acquisition of Park Central, a 114,000-square-foot office building in North Austin.
Built in 2004, SoCo Apartments offers a mix of one-, two- and three-bedroom units housed in 16 two-story residential buildings. Residents have access to a pool, clubhouse, fitness center, coffee bar, and picnic and grilling area. Vista Investment Group plans to upgrade the 96 percent-occupied property through a multimillion-dollar capital improvement program that will include a comprehensive interior renovation of 105 units. Exterior renovations will include a refresh of the pool and barbeque areas, new landscaping, fitness-center upgrades, and a dog park.
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