- May 2015
- US$6.07 million
- June 2019
- US$8.80 million
The SoCo Apartments in Austin, Texas, are comprised of 59 apartments located over 1.35 acres. Just minutes from Austin’s CBD, SoCo is a short walk from a hub of restaurants, retail and live music on South Congress (SoCo) Avenue and South 1st Street.
SoCo presented the opportunity to acquire an under-rented residential development and add value by repositioning the apartments through significant refurbishment. The substantial upside of these capital upgrades was the transformation of the site in line with the suburbs revitalised brand and growing economy.
EG has successfully delivered a return of 7.1% per annum (AUD) with the sale of the SoCo Apartments.
"The proximity of these apartments to the iconic, boutique SoCo district in Austin was a huge draw card for the property, facilitating a high-occupancy rate in an ideal location."