The Barstow
Multifamily
Affordable Housing, Land Re-entitlement
The Barstow is a 1983-vintage asset that is located on a major intersection nearly adjacent to The Domain in North Austin; given its location and vintage, we acquired this asset in 2021 with multiple business strategies to be executed over a long-term hold. At acquisition we placed a 10-year fixed rate agency loan on the deal, implemented an affordability program that added a tax abatement AND set about re-zoning the land allowing for a future development with increased density.
Our CTX Insights
Location
The Domain had quickly emerged as the center of gravity for North Austin, and this asset was able to benefit from that in a major way. It sits at a major intersection across 11+ acres; just before acquisition the City designated the road it sits on as a high-density corridor, opening up the ability to add future density if redeveloped. This invited some developers to look at the site, but asset value was higher than land value; meanwhile most other operators were unaware (or unable to execute) of the implications.
Ability to add an affordability strategy
We executed a nuanced and relatively unknown affordability strategy at acquisition, which created instant value and improved day 1 cash flow for investors while not encumbering the asset with any restrictions that would impede development options in the future.
296
Units
1983
Construction
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