SPI Advisory acquires 264-unit value-add multifamily community in high-growth suburb south of Austin
SPI ADVISORY acquires 264-unit value-add multifamily community in high-growth suburb south of austin
PRESS RELEASE | May 5th, 2023
SPI Advisory, LLC
The Dallas & Austin-based multifamily private equity firm, SPI Advisory, and its 1031 partners just finalized the acquisition of “The Bradford” (formerly known as “Trails at Buda Ranch”), a value-add, institutional-quality apartment community located in Buda, TX, just 15 miles south of the firm’s second office, in Austin, TX.
On May 5th, 2023, SPI Advisory (“SPI”) and its 1031 partners finalized the acquisition of “The Bradford,” a 264-unit, Class A- institutional-quality, value-add apartment community built in 2010 in the high-growth suburb of Buda, TX, just a 20-minute drive south of Downtown Austin. This acquisition highlights SPI’s continued expansion in the submarket as one of Hays County’s largest landlords with nearly 1,100 units owned and operated between Buda & Kyle.
The area within a 3-mile radius of ”The Bradford” experienced a 159% increase in population over the past decade but Hays County has been identified as one of the fastest-growing counties in both Texas and the nation (U.S. Census Bureau; The Greater Austin-San Antonio Corridor Council, 2022).
“Our intimate knowledge of the submarket coupled with the rapid growth of Hays County has us extremely bullish on the long-term potential of The Bradford,” said Michael Becker, Principal of SPI Advisory. “We find the combination of the relative affordability of the Buda market compared to the northern Austin suburbs, coupled with its proximity to the core of Austin to be a winning formula. We see the tremendous growth around The Bradford continuing for decades to come and we want to be along for the ride.”
Previous ownership upgraded a handful of the property’s existing units with premium finishes, appliances, and more contemporary design elements. SPI will continue programmatic upgrades to a handful of units per month for the next two years but intend to leave 50% of the property with affordably priced “classic” units to serve a broader range of prospective tenants long term.
“We’re committed to the Kyle/Buda submarket for the long run,” said Sean Mabarak, Principal of SPI Advisory. “We’re eager to start making strategic investments at The Bradford to provide a community the residents of Buda can be proud of, while also allocating funds to repairs and upgraded systems that will improve the property’s longevity and mitigate issues going forward.”