SBV Communities Purchases Summer Wind Apartments
SBV Communities today announced its purchase of 156-unit Summer Wind Apartments in Austin, Texas. The acquisition is the fourth of the year for the owner and operator of multi-family apartment complexes and marks the continued expansion of its geographic footprint. SBV Communities executed the purchase and sale agreement on May 9th and closed the transaction on May 24th, increasing its holdings to more than 3,500 units in 12 markets.
Summer Wind Apartments attracted the attention of SBV Communities in part due to the strong economic performance of Austin and the surrounding areas. Routinely rated as one of the best-positioned cities for job growth, innovation and desirability, Austin is also one of the top markets in the country for rent growth. The employment base within a 5-mile radius includes more than 150,000 jobs at “blue chip” companies like Dell, IBM and Samsung. Additionally, a scarce supply of new apartment housing scheduled to become available in 2012 (approximately 2,000 units) suggests rents are poised to maintain their upward trajectory, having already increased more than 6% since late 2010.
“We couldn’t be happier to add Summer Wind to our portfolio,” said Amit Raizada, CEO of Spectrum Business Ventures. “Austin is such a great place and if any city its size has come through the challenges of the past few years better, I’d like to see it. Summer Wind is one of those opportunities to quickly add and derive value from a property that has inherent potential and historical performance in an environment that’s ready for what’s next.”
About SBV Communities
SBV Communities was formed in 2009 to acquire and manage multi-family real estate properties. The company builds long-term value by focusing on lender-owned, B & C properties with strong value-add potential. SBV Communities’ portfolio includes assets in fourteen markets.
About Spectrum Business Ventures, Inc. Founded in 2002, Spectrum Business Ventures, Inc. is a private firm based in Kansas City, Missouri providing family offices, high net worth and institutions unique, complex and compelling business opportunities to build long-term value at low risk. The company owns and operates entities in the United States, Central America and Europe in a wide range of industries.
For more information about SBV Communities or Spectrum Business Ventures, Inc. please visit sbv.com or call 816.268.1300.