Acron sells apartment project in Texas
Acron Group has sold The Carolyn multi-family apartment project in Las Colinas, Texas, after three-and-a-half years, reporting an annualised return of 15.3%.
Acron had acquired the project in September 2017 shortly before the start of construction and shortly thereafter placed it with international investors in a club deal. The sale has now taken place as planned, according to the real estate company. In the process, a higher than planned annualised return (internal rate of return, IRR) of 15.3% was achieved.
The Carolyn is a luxury multifamily complex located directly on Lake Carolyn with 319 apartments. At the end of 2020, shortly after completion, 89% of the units had been leased, he said. The property is located in Irving's Las Colinas Urban Center, one of the last development sites in the Dallas-Fort Worth metropolitan area.
According to Acron CEO Peer Bender, demand for luxury residential units is growing steadily in the urban centres of the US. Overall, the sector offers stable high returns and is less volatile than other real estate investments, which is why US multifamily investments continue to be a high priority for the Acron Group. In Texas, the real estate company already has a follow-up project, The View at Belterra in Austin. (ah)
