JULY 04, 2021
Austin, Texas – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 222-unit apartment community in Austin, Texas.
Lotus Village Apartments was built in 2012 and is located at 300 Ferguson Dr, Austin, TX 78753. The asset is situated in the rapidly expanding North Lamar Corridor and benefits from its proximity to several economic drivers like downtown Austin, Tech Ridge Center, and The Domain, a 300-acre master-planned retail and employment hub dubbed Austin’s second downtown. OREI will complete exterior and amenity enhancements including, but not limited to, the leasing office, fitness center, pool, dog park, and landscaping. In addition to exteriors, OREI will implement an interior value-add program upgrading lighting and plumbing fixtures, cabinets, hardware, and backsplashes.
One Real Estate Investment currently owns another asset in North Austin, The Plaza at Windsor Hills, a 200-unit community located 2 miles from Lotus Village.
The deal was initially observed through a competitive marketing process where the selected buyer was unable to close. OREI continued to track the asset for 6 months and was re-approached to purchase the property off-market due to the firm’s experience in Austin and certainty of execution.
“Austin is one of the hottest markets” stated Hirschfeld. “It was the fastest growing metro for nine straight years and we’re confident North Austin will see the next wave of revitalization. Projects like The Domain and the influx of quality employers moving to Tech Ridge will only accelerate the process.”