SPI Advisory Acquires 164-Unit New Braunfels Apartments

SPI Advisory acquired Riverbend Apartments (formerly known as "Hawthorne Riverside"), a Class A-, 164-unit apartment community built in 1995 in New Braunfels, TX.
 
NEW BRAUNFELS, Texas - Sept. 28, 2023 - PRLog -- SPI Advisory ("SPI") and its partners finalized the acquisition of Riverbend Apartments (formerly known as "Hawthorne Riverside"), a 164-unit, Class A- apartment community built in 1995 and located between the San Antonio/Austin metros along the I-35 corridor in the heart of New Braunfels, a booming submarket at the edge of the hill country showcasing two idyllic rivers, the Comal and the Guadalupe.

Riverbend Apartments boasts direct access to the Guadalupe River via a private 3.5-acre riverfront park for residents. The property has strong area demographics with an average household income of ~$107k within a 5-mile radius and benefits from access to a diverse economy of industries including tourism, distribution, manufacturing, data centers, healthcare, and aviation. Riverbend offers residents the luxury of modern unit interiors complemented with exclusive access to its private park with walking trails, a fire pit, BBQ/picnic areas, a volleyball court, kayaking, paddle boarding, and more.

This acquisition follows SPI's acquisition of Parkview Terraces (https://www.spiadvisory.com/parkview-terraces), a Class A, 244-unit apartment community located in South Austin. SPI now owns and operates 9 institutional-quality properties within the proximal submarkets of Austin, Kyle, and Buda, as well as 1,160 units in nearby San Antonio.

Prior ownership partially upgraded 25% of units and their ROI on those renovations proved there's strong demand for more contemporary finishes. SPI will execute its own renovation plan to maximize the desirability of the asset and highlight its prime riverfront location. SPI intends to update the community's common areas, gym, and landscaping, as well as install washers/dryers in every unit, add private backyards in select units, and upgrade ~75% of unit interiors to a premium finish out.

"We are excited to add Riverbend Apartments (https://www.spiadvisory.com/riverbend-apartments) to our portfolio," said Sean Mabarak, Co-Founder and Principal at SPI Advisory. "It is truly a one-of-a-kind asset and location that provides a broad range of tenants with both an enviable riverfront lifestyle and easy access to tens of thousands of jobs. We are grateful to be getting deals done during such a turbulent time for capital markets. It was not easy, to say the least, but being able to purchase legacy assets like Riverbend at what we feel is a very compelling basis makes it all worth it."

Michael Becker, Co-Founder and Principal at SPI adds, "Being located in New Braunfels along the I-35 corridor between Austin and San Antonio is an expansion of SPI's core portfolio 30-minutes north in the Kyle/Buda submarket. I am very bullish about the long-term growth of the corridor and am excited to add Riverbend to our Central Texas holdings."

Contact
SPI Advisory, LLC
***@spiadvisory.com
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Tags:Multifamily
Industry:Real Estate
Location:New Braunfels - Texas - United States
Subject:Partnerships
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Page Updated Last on: Sep 29, 2023



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