As Amazon and Tesla go, so goes Austin and its surrounding suburbs. And to be sure, multifamily follows those types of companies.

One recent example of multifamily’s appeal is Villas at Spring Trails. The 270-unit asset recently sold for an undisclosed purchase price to Knightvest Capital, a Dallas-based private equity investment firm that specializes in repositioning multifamily assets. This transaction represents Knightvest Capital’s fifth acquisition in Austin.

The Villas were constructed in 2013 in Pflugerville, a growing suburb of northeast Austin, and were 96 percent occupied at the time of sale.

Newmark’s Patton Jones represented the seller, KC Venture Group, a Kansas-based multifamily real estate investment firm.

“Villas at Spring Trails offered a fantastic opportunity to acquire a highly amenitized product with luxury finishes in one of the fastest-growing areas in Austin,” said Jones. “This will be a great long-term addition to Knightvest Capital’s expanding Austin portfolio.”

With ample development space available, Pflugerville has attracted large-scale projects including Amazon’s Project Charm. The online retailer is under construction on a new 3.8 million-square-foot distribution facility that will create more than 1,000 new jobs and be the largest facility of its kind in the region once complete. Additionally, Elon Musk’s The Boring Company moved into a facility in Pflugerville off SH-130, just north of Tesla’s future $1 billion electric car manufacturing plant.