SPI Advisory and its partners finalized the acquisition of Riverbend Apartments (formerly known as “Hawthorne Riverside”), a 164-unit, Class A- institutional-quality apartment community built in 1995.
Riverbend Apartments boasts direct access to the Guadalupe River via a private 3.5-acre riverfront park for residents. The property has strong area demographics with an average household income of ~$107k within a 5-mile radius and benefits from quick access to a diverse economy of industries including tourism, distribution, manufacturing, data centers, healthcare, and aviation. Riverbend offers its residents the luxury of modern unit interiors complemented with exclusive access to its private park with walking and biking trails, a fire pit, BBQ/picnic areas, a volleyball court, kayaking, paddle boarding, and more.
The property is conveniently located between the San Antonio and Austin metros along the I-35 corridor in the heart of New Braunfels, a booming submarket at the edge of the hill country showcasing two idyllic rivers, the Comal and the Guadalupe, which attract over three million tourists each year.
Prior ownership partially upgraded approximately 25% of units and their ROI on those renovations proved there is strong demand for more contemporary finishes. Over the next two years, SPI will execute its own renovation plan to maximize the desirability of the asset and highlight its prime riverfront location. SPI intends to update the community’s common areas, gym, and landscaping, as well as install washers/dryers in every unit, add private backyards in select units, and upgrade ~75% of unit interiors to a premium finish out.
“We are excited to add Riverbend to our portfolio.” Said Sean Mabarak, Co-Founder and Principal at SPI Advisory. “It is truly a one-of-a-kind asset and location that provides a broad range of tenants with both an enviable riverfront lifestyle and easy access to tens of thousands of jobs. We are grateful to be getting deals done during such a turbulent time for capital markets. It was not easy, to say the least, but being able to purchase legacy assets like Riverbend at what we feel is a very compelling basis makes it all worth it.”
Michael Becker, Co-Founder and Principal at SPI adds, “Being located in New Braunfels along the I-35 corridor between Austin and San Antonio is an expansion of SPI’s core portfolio 30 minutes north in the Kyle/Buda submarket. I am very bullish about the long-term growth of the corridor and am excited to add Riverbend to our Central Texas holdings.”