DB Capital has acquired a portfolio of three multifamily communities in Austin, Texas, including Vida, which has been rebranded Ascent at North Burnett.
DB Capital has acquired a portfolio of three multifamily communities in Austin, Texas, including Vida, which has been rebranded Ascent at North Burnett.

DB Capital Management has made its largest investment in Austin, Texas, with the acquisition of three multifamily communities from a local investor. The properties, built between 1980 and 1984, total 422 units and are located within a 1 ½-mile radius in North Austin.

The three communities have been rebranded Ascent at North Burnett, Ascent at Quail Creek, and Ascent at Walnut Creek. DB Capital plans to begin a multimillion-dollar capital improvement program across the portfolio, which was 95% occupied at closing, after fixing substantial deferred maintenance issues.

Improvements will include exterior renovations and a complete amenity overhaul, including the addition of playgrounds, dog parks, and new landscaping. Units also will receive significant upgrades, including stone countertops, updated plumbing and lighting fixtures, new cabinet fronts, and new vinyl plank flooring and carpet, over the next two years as units turn over.

DB Capital first entered the Austin market in 2018 and has grown its local portfolio to 724 units with plans to continue to build scale over the next 12 to 18 months, said vice president of acquisitions Hunter Graul, who heads the firm’s Austin office.

“The portfolio’s proximity to our other assets in North Austin, combined with our growing influence in the market, provides us an opportunity to achieve synergy through economies of scale,” he said. “We are bullish on the long-term outlook for Austin, particularly North Austin, which is one of the last remaining affordable suburban infill markets in the city. We will continue to seek compelling opportunities and plan to increase our portfolio in the market with a goal of acquiring an additional 500 to 1,000 units over the next 1 ½ years.”

DB Capital has had an active two months, acquiring approximately $100 million in multifamily assets in high-growth Western markets, such as Denver and Provo, Utah.

“We have a robust pipeline of deals and are expecting to close on our next multifamily property in Salt Lake City later this quarter,” said co-founder and CEO Brennen Degner.