SPI Advisory, LLC

View Original

SPI Advisory Acquires 164-Unit New Braunfels Apartment Community

SPI Advisory Acquires 164-Unit New Braunfels Apartment Community

PRESS RELEASE | September 28th, 2023

SPI Advisory, LLC


The Dallas & Austin-based multifamily private equity firm SPI Advisory acquired Riverbend Apartments (formerly known as “Hawthorne Riverside”), a Class A-, 164-unit apartment community built in 1995, & located in New Braunfels, TX.

RIVERBEND APARTMENTS (formerly known as “Hawthorne Riverside”)

435 N. Business IH-35, New Braunfels, TX 78130

On September 28th, 2023, SPI Advisory (“SPI”) and its partners finalized the acquisition of Riverbend Apartments (formerly known as “Hawthorne Riverside”), a 164-unit, Class A- institutional-quality apartment community built in 1995. The property is conveniently located between the San Antonio and Austin metros along the I-35 corridor in the heart of New Braunfels, a booming submarket at the edge of the hill country showcasing two idyllic rivers, the Comal and the Guadalupe, which attract over three million tourists each year.

Riverbend Apartments boasts direct access to the Guadalupe River via a private 3.5-acre riverfront park for residents. The property has strong area demographics with an average household income of ~$107k within a 5-mile radius and benefits from quick access to a diverse economy of industries including tourism, distribution, manufacturing, data centers, healthcare, and aviation. Riverbend offers its residents the luxury of modern unit interiors complemented with exclusive access to its private park with walking and biking trails, a fire pit, BBQ/picnic areas, a volleyball court, kayaking, paddle boarding, and more.

This acquisition comes exactly one month after SPI’s acquisition of Parkview Terraces (formerly known as “Cortland Southpark Terraces”), a Class A, 244-unit apartment community located in South Austin. SPI now owns and operates 9 institutional-quality properties within the proximal submarkets of Austin, Kyle, and Buda, as well as 1,160 units in nearby San Antonio.

Prior ownership partially upgraded approximately 25% of units and their ROI on those renovations proved there is strong demand for more contemporary finishes. Over the next two years, SPI will execute its own renovation plan to maximize the desirability of the asset and highlight its prime riverfront location. SPI intends to update the community’s common areas, gym, and landscaping, as well as install washers/dryers in every unit, add private backyards in select units, and upgrade ~75% of unit interiors to a premium finish out.

“We are excited to add Riverbend to our portfolio,” said Sean Mabarak, Co-Founder and Principal at SPI Advisory. “It is truly a one-of-a-kind asset and location that provides a broad range of tenants with both an enviable riverfront lifestyle and easy access to tens of thousands of jobs. We are grateful to be getting deals done during such a turbulent time for capital markets. It was not easy, to say the least, but being able to purchase legacy assets like Riverbend at what we feel is a very compelling basis makes it all worth it.”

Michael Becker, Co-Founder and Principal at SPI adds, “Being located in New Braunfels along the I-35 corridor between Austin and San Antonio is an expansion of SPI’s core portfolio 30-minutes north in the Kyle/Buda submarket. I am very bullish about the long-term growth of the corridor and am excited to add Riverbend to our Central Texas holdings.”

Read more about Riverbend Apartments

Read other Press Releases


About SPI Advisory, LLC

SPI Advisory is a Texas-based multifamily private equity firm founded in 2014 & headquartered in Dallas, TX with a second office in Austin, TX. SPI transforms the way high-net-worth investors from across the country identify, assess, secure, & sell high-yield, tax-efficient multifamily real estate investments across the Texas region by offering tailored joint venture partnership & advisory services as well as democratized passive investing opportunities in institutional-quality multifamily assets to their increasingly diverse client base. Read more here.


See this content in the original post