The PPA Group has just closed the purchase of two multifamily properties in Austin, Texas; 344-unit Wildwood Apartments and 160-unit Club Creek Apartments. Wildwood Apartments is located on Cameron Road, just off the US-183 exit and just minutes away from Hwy 290 and I-35. Club Creek is located less than 4 miles away on West Longspur Blvd, just off North Lamar Blvd. The central locations for these properties provide residents easy access to retail options such as the Domain, Lakeline Mall, and the downtown area. This also reduces commute times to large employers such as the University of Texas, IBM, and Apple.
“Our portfolio consists of a lot of properties throughout Texas, especially in San Antonio,” says Monte Lee-Wen, President and CEO of The PPA Group. “It feels good to add some more properties from our own backyard back into the portfolio.”
“This is an attractive investment opportunity that fits within our strategy of finding properties where we can add significant value through renovations in submarkets that are performing well and improving,” says John A. Latham, CIO for The PPA Group. “We expect the residents will really like the upgrades and appreciate the value proposition these properties provide.”
Built in the mid-1980s, both properties had undergone some internal and external renovations with the previous owners. The PPA Group plans to complete the renovations. CLEAR Property Management has been hired to manage the property and to look for opportunities to improve operations.
This is the third property The PPA Group has added to their portfolio within the last six weeks. The purchase of Newport Apartments was completed less than six weeks earlier.