California-based Passco Cos. recently announced its fourth acquisition in Texas with the purchase of Lakeview Villas, a 313-unit luxury community in the fast-growing city of New Braunfels, which is about 35 miles northeast of San Antonio and sixty miles south of Austin. Every major city in Texas has become an area of interest for development, and the spillover is reaching to smaller locations strung between the heavyweights.
“New Braunfels is becoming a key location for those who work in San Antonio or Austin but enjoy quieter and spacious living options,” said Jake Niles, director of acquisitions, West, at Passco Cos. “Additionally, recent and upcoming deliveries of retail, office, and mixed-use product are bringing more jobs and convenience to the immediate area, further increasing interest in the city.”
The population of New Braunfels has increased by 58% since 2000. A low flow from the multifamily pipeline has made the area even more attractive. “This opportunity to acquire this asset in a rapidly expanding city is perfectly aligned with our investment strategy of purchasing top-class multifamily properties in locations with strong long-term outlooks,” said Niles. “With an average of 15 new people moving to town each day last year, the city has become a hub of growth in the heart of the Texas Hill Country.”
The community amenities at Lakeview Villas include a resort-style pool complete with a tanning ledge, an outdoor kitchen, a poolside lounge, a fire pit, a fitness center, tanning beds, and a resident clubhouse. There’s also a lake on the grounds bordered by a walking trail. On the inside, one- and two-bedroom units feature stainless steel appliances, hardwood-style flooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen, and private detached garages.
