Barker Pacific Group (BPG) announced the acquisition of Chesapeake Apartments, a 124-unit multifamily community in Austin Texas. The seller was undisclosed.
Located at 12300 Hymeadow Drive in the Anderson Mill area of Northwest Austin, the garden-style complex was built in 1984 and includes seven two and three-story buildings featuring one- and two-bedroom apartments.
BPG has a successful track record of acquiring assets that need hands-on management, renovation, and repositioning and intends to reposition the asset by investing $1.4M in targeted capital improvements including common area renovations and unit interior upgrades.
“Chesapeake Apartments is an excellent fit to our multifamily portfolio, which includes value-add properties in the Western and Southwestern U.S.,” said Will Dickinson, vice president – office & multifamily at BPG. “The property offers a great location in popular Northwest Austin, convenient to major employers, freeways, and a neighborhood of diverse amenities.”
The deal was acquired via loan assumption through Fannie Mae, serviced by Walker & Dunlop, which was led by Alex Inman, who originated the loan and coordinated the assumption, and Forrest Bass, who brokered the sale. Property management will be handled by RPM Living.
The four-acre property is well located within the Anderson Mill area of Northwest Austin submarket boasting local median home prices of $563k and median household incomes of approximately $92k. For residents, Chesapeake Apartments are surrounded by major retail centers and tech employers, as well as major thoroughfares Highway 183 and Highway 45. Residents also benefit from easy access to major retail districts Lakeline Mall, The Parke, The Domain, and The Arboretum, as well as quality residential neighborhoods, superb public schools, and numerous outdoor amenities.
“Chesapeake Apartments’ proximity to major employers such as Apple, eBay, Visa, and State Farm makes it especially attractive to Northwest Austin’s growing workforce,” said Alex Bacon, vice president of multifamily at BPG. “Our planned capital improvements will only add to the community’s appeal.”
Barker Pacific Group (BPG) was founded more than 40 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions, and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome. Some of the firm’s other notable projects include Hamilton Landing and Rowland Plaza in Marin County; The Fine Arts Building, 626 Wilshire Blvd., and 5055 Wilshire Blvd. in Los Angeles; 101 Continental in El Segundo, Calif.; City Square in Phoenix; and Tower 300 in Las Vegas. Additionally, BPG manages Storage Solutions, a growing leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies throughout California. BPG has offices in San Francisco, Los Angeles, Phoenix, Sacramento, and Las Vegas. The company specializes in the development and acquisition of institutional quality office, retail, and residential projects in select U.S. cities.
