Austin Multifamily Asset Acquired by Disrupt Equity
Disrupt Equity bought the 369-unit Array Apartments and will immediately kick off a renovation program. The previous owners of the 1973-era development recently renovated 100 units and the new owners will renovate another 200 of the units to cater to high-tech professionals who work nearby, as well as to capture additional rent premiums. Oracle’s 27-acre corporate headquarters, which includes over 6,000 workers, is a five minute drive. Austin Energy and Tokyo Electron are in close proximity as well.
The property amenities include two pools, a fitness center, two dog parks with dog wash, sport court and picnic areas.
The median home price for the area has gone up by 29% over the past year, forcing more to look for rental units. The multifamily community occupancy for the market is 95%. A Disrupt Equity management firm will manage the property.