National Asset Services Delivers 32.5% Cumulative Return on Investment to Texas Multifamily Investors with Sale of Austin Property
Austin, TX — National Asset Services (NAS), one of the Nation’s leading commercial real estate management companies, has delivered a 32.5% cumulative return on investment to a group of Texas multifamily investors during their hold period in Waterstone Apartment Homes in Austin, Texas. Atlanta-based, Cortland Acquisitions, LLC, recently purchased the property from a group of Texas multifamily investors comprised of 20 tenant-in-common co-owners.
Upon assuming asset management responsibility for the 308-unit, multifamily property in 2009, NAS management executives aggressively executed a strategic leasing strategy that consistently produced a high rate of resident occupancy. The property was 97% leased at the time of sale, despite a highly competitive marketplace consisting of nine multifamily properties, with over 3,100 units, within five miles of Waterstone Apartment Homes.
NAS management executives guided the 20-member tenant-in-common group through a sales transaction process that included locating potential buyers, negotiating payment from the buyer of post maturity penalties and managing a buyout of one of the TIC co-owners.
“The closing of Waterstone Apartment Homes has resulted in the best possible outcome for both buyer and seller,” commented Shirlee J. Kingsley, CPM, Vice President, National Asset Services. “We are pleased to deliver a solid return to our clients on their investment as well as deliver the buyer an investment property with strong cash flow and value-add potential in a positive economic marketplace.”
Waterstone Apartment Homes is located one mile east of Interstate 35 and approximately three miles north of Highway 290. The property is located near Southpark Meadows, South Austin’s leading shopping center.
Waterstone Apartment Homes feature spacious floor-plans, crown molding, garden tubs, built-in bookshelves and walk-in closets. Community amenities include a resort-style pool with barbecue area, bicycle racks throughout the community, fitness center and sports lounge.