ABS aquires 504-unit apartment community in Austin, TX
The acquisition of Lakeline Crossing, a 504-unit multifamily apartment community located in Austin, TX was completed on December 28, 2020. Built in two phases – 2017 and 2020 – the new construction investment includes both core and value-add investment attributes.
Acquiring Lakeline Crossing is consistent with our fundamental strategy to purchase and control a portfolio of geographically diverse multi-family units outside the NYC metro area in high growth markets that provide a value-add proposition and the ability to generate a solid current yield. Austin remains one of the fastest growing markets in the country – experiencing population growth of ~30% between 2010 and 2019, outpacing the second-fastest growing market of Raleigh-Durham by 6.5% – driving incremental apartment demand. These trends have been accelerated by the COVID-19 pandemic.