CONTI Expands Footprint in Austin Multifamily Real Estate News
CONTI Capital acquired Pioneer Hill, a 300-unit community in Austin, Texas, marking its second purchase in the metro area. According to Yardi Matrix data, JCI Residential is the former owner of the asset. The same data provider shows the newly built property was the subject of a 42-year, $34 million HUD loan issued by KeyBank in 2020.
The asset is the company’s first property in its $150 million RE High-Growth Fund IV, which identifies opportunities for investors, managers and institutions in Sun Belt states, and aims for a target return of 10-14% return on investment with a 3-to-5 year holding period.
Completed last year, Pioneer Hill features 14 three-story buildings with one-, two-, and three-bedroom apartments, averaging 806 square feet, with private balconies or patios, washers and dryers, and digital door locks. Community facilities include a fitness center, swimming pool, business center, clubhouse and media room.
Located at 1625 Edgeworth Bend, less than 2 miles from Interstate 35, the property offers convenient access to downtown Austin and major job centers. Various retail options, such as HEB, MT Supermarket and International Foods are within 3 miles of the asset.
CONTI Capital CEO Carlos Vaz mentioned in a prepared statement that Austin will be his firm’s primary focus for multifamily investments this year. CONTI entered the Austin market in February 2020, when it purchased Hillside Creek, a 268-unit property.