Today, we close on our first acquisition of 2022. Edison, an $94.5 million deal, expands our Austin market to two properties since the sale of West Lake Vistas.
Edison has 354 units and offers a great view of downtown Austin. The property is in an area of growth and development.
“By buying Edison, it shows we are committed to the market,” Brock said. “Austin is a difficult market to buy in, but we think this property is in a good location. We believe it will continue to get better for young professionals to work in this area.”
Edison was built in 2019 and is still owned and operated by the developer. Brock is confident we will operate this property at a higher level. It’s another classic example of buying a property and doing what we do best – drive customer service and increase rates.
As Brock said, “there’s an opportunity to raise rates” because the developer is not a company who operates.
From a CapEx perspective, this property was built just four years ago, which is exciting. Our first focus at the new acquisition is painting the property, creating new signage and improving landscaping.
Our full management team at Edison includes:
- Stephanie Stowe, general manager
- Haley Moncivais, lead sales associate
- Texas Desselles, sales associate
- Garrett Gonyaw, sales associate
- Michael Criser, turn tech