New Jersey-based Borei Olam Management has acquired a 528-unit multifamily property portfolio in Texas as part of a push into secondary and tertiary markets
Rosewood Realty Group brokered the sale of the 268-unit Creekside Apartments in New Braunfels, Texas, and the 260-unit Cottonwood Creek in Waco, Texas.
Rosewood’s president of National Sales Jonathan Brody represented both the buyer and the seller, Continental Properties, a national apartment owner and developer.
“The buyer was looking to expand its portfolio in targeted markets and Continental, who developed both properties, was ready to sell,” said Brody.
Creekside Apartments (pictured top) is a luxury complex at 2980 Creek Bend Drive in the growing small city of New Braunfels located an hour South of Austin and 15 minutes north/east of San Antonio.
The complex features one, two-and-three-bedroom units with private patios/balconies with amenities including a pool, clubhouse, fitness center and private detached garages.
Cottonwood Creek at 4900 Bagby Avenue in downtown Waco has one- to three bedroom townhouse style homes with private entrances in a gated community.
Brody commented, “These properties are located in up-and-coming areas. Creekside is in a high growth corridor with easy access to Austin and San Antonio. Cottonwood Creek is adjacent to a massive new, exciting 90,000 square foot family entertainment center with an 8-sceeen digital movie theater and onsite restaurant called the Cottonwood Creek Market, being built right behind the property.”
The Texas sale marks Rosewood’s second largest out-of-state deal this year. In February, the company closed a $117 million multifamily sale in Maryland for New York-based clients. Rosewood also has a $45 million deal in hard contract in Washington DC that is expected to close by year-end and active deals in Maryland, South Carolina, Florida, Georgia and Michigan.
“After last year’s rent law changes went into effect in New York, we prepared ourselves to eye deals outside the city,” said Rosewood’s founder and CEO Aaron Jungreis. “Then COVID hit and deals paused, but I am proud to say that our team got to work quickly and began our journey in other targeted markets.”
The trend towards secondary and tertiary markets has been strengthening as more companies relocate there and draw new residents looking to avoid the high rent costs of the primary markets throughout the country.
Reonomy data shows an increasing proportion of sales during the past four years were within the top 20 MSAs identified as high growth areas.