Why Array Apartments?
Value-add Property In Rapidly Growing Southeast Central Austin: Array Apartments is well positioned to capitalize on a substantial and proven value-add strategy to renovate 100+ remaining classic units, as well as elevating another 100+ units to a higher level fit and finish and upgrading and the property’s amenity package to cater to the high-tech young professional demographic to capture the additional rent premiums that the fully renovated units at Array are already recognizing.
Stabilized Asset With Booming Rent Growth: The property has maintained strong occupancy while aggressively pushing rents as evidenced by the current 97% occupancy and 98% leased figures. New leases are averaging 21% growth over prior leases, and renewals in February and March are averaging 15% growth over prior leases.
Bullish Submarket Demographics and Rental Demand: The median home price in the 78741 zip code has increased 29.5% year-over-year, creating unprecedented demand for more attainable rental options. Rent growth over the previous 12 months for the Southeast Central submarket totaled a staggering 29%, and the occupancy in the submarket is now 95%.
Strategically Positioned With Tremendous Accessibility To Austin’s Hot Spots: Array is located on Burton Drive between Riverside Drive and Oltorf Road in the burgeoning Riverside corridor. Residents at Array have quick access to I-35, which provides unmatched accessibility to the Austin Central Business District, one of Austin’s most desirable areas with unlimited nearby entertainment and dining options. Oracle’s 27-acre corporate headquarters is five minutes from Array where it operates a 560,000 square foot campus and is home to over 6,000 employees. Additional employers in the area include Austin-Bergstrom International Airport, Austin Energy, and Tokyo Electron.
The Investments Projected Returns
We love the strong AAR and CoC from this proven team and the ability to split our investment between both Class A and Class B shares which diversifies our returns within the same investment.
