The Hedge Austin Hotel Conversion Project
8300 N Interstate Hwy 35, Austin, TX 78753
INVESTMENT PROJECT INTRO
Austin Suites Hotel is a 217-room hotel that is a prime candidate for an apartment conversion in one the strongest apartment markets in the nation. Built in 1981 on 3 acres of land, Austin Suites is located directly off the Interstate 35 frontage road, with excellent visibility and an extremely high traffic count. The property primarily consists of studios, one and two-bedroom floorplans, all with kitchens. Construction started in Q2 2020.
The second quarter of 2020 was focused on permitting and interior renovations. We completed 32 interiors with another 72 units underway. We are pleased to announce that we have had 11 move-ins in July with another 20 units preleased. Based on ease of leasing, we have already increased base rents on studios from $695 to $725/month and expect to continue increasing rents as pre-leasing continues and renovations progress. Demand for our units is unprecedented.
DETAILS ABOUT PROJECT
- Investment Type: Private Equity
- Total Project Size: $19,000,000
- Address: 8300 N Interstate Hwy 35, Austin, TX 78753
- PROPERTY TYPE: Apartment
- INVESTMENT PROFILE:
- INVESTMENT CATEGORY: Private Equity
- TARGETED INVESTMENT PERIOD: 3 years
- MINIMUM INVESTMENT: Contact us for more info