Delavaco purchases property in Austin, Texas

Tuesday, October 21, 2014

Delavaco Residential Properties Corp announced it has entered into an agreement to purchase Terrain, a 101-unit multifamily apartment community located in Austin, Texas for a purchase price of $10 million USD.

Terrain was built in 1984 and is currently 95 per cent occupied, with average monthly rents of approximately $1,007.00 USD per unit. The property is located in Williamson Creek in Austin, Texas, five miles south of the Austin central business district and Capital, and within 0.8 miles of the company’s other two multifamily properties.

“We are very happy to have successfully negotiated the Terrain acquisition,” commented Andrew DeFrancesco, Delavaco CEO. “Austin is an incredible city and the growth is fueled by so many sectors. It has clearly become America’s new tech hub and those people need nice places to live. We targeted Texas as a state for the Delavaco portfolio with Austin as our focus, and Terrain fits perfectly,”

The Austin central business district is home to many large employers, a thriving entertainment district, numerous restaurants, and a host of outdoor recreational activities in and around Lady Bird Lake.

Austin has been ranked “America’s fastest growing city” for the fourth year in a row by Forbes. Texas Workforce Commission reported that Austin employers added 37,000 jobs last year for an increase of 4.5 per cent. The 4.5 per cent unemployment rate in Austin is well below the national average of 6.7 per cent and the state average of 5.5 per cent.

The Lone Star State is making a case for being the next hub for technology jobs. Texas is adding tech and engineering jobs faster than any other state, and is reported as one of the top 10 fastest-growing states for technology careers. In the first half of 2014, Texas added 8,100 tech jobs, nearly a six percent increase, creating a total of 143,300 tech positions across the state.

Leave a Reply

Your email address will not be published. Required fields are marked *

In our efforts to deter spam comments, please type in the missing part of this simple calculation: *Time limit exceeded. Please complete the captcha once again.