Acron: Club deal for apartment complex in Texas
Acron has sold The View at Belterra apartment complex in Austin, Texas, after just two years. According to the company, investors generated an annualized return of nearly 40% in the process.
Construction began in the fall of 2019 on The View at Belterra multifamily apartment project in Austin, which includes 233 luxury apartments and has an investment of approximately $50 million. After just two years, Acron is selling the property again. In the process, Acron says it has realized nearly a doubling of capital for clients, which equates to a significantly higher-than-expected annualized internal rate of return (IRR) of nearly 40%.
According to Peer Bender, CEO of Acron Group, the company was able to close the apartment complex ahead of schedule and with an exceptional return for investors due to the high demand for quality apartments in Austin and the special location of the project.
The View at Belterra is located in the up-and-coming Austin suburb of Dripping Springs. The 233 apartments feature floor areas ranging from 50 sqm to 162 sqm and are particularly well appointed. The apartment complex also offers numerous community amenities such as an entertainment room with a pool table, a screening and community kitchen, a golf simulator, a work and office space, a fitness center with a yoga studio, a resort-style pool as well as outdoor barbecue areas and a dog park. (ah)
