Investors Picks Up 227-Unit Georgetown Rental Asset

Machine Investment Group and Alta Real Estate Partners acquired Rise 120, a 227-unit multifamily property located in Georgetown, Texas. Commercial Search reports Novak Cos. developed Rise 120, completing it in 2024. Machine Investment Group says the deal represents an opportunity to acquire a high-quality, new-construction multifamily asset at 30 percent below the developer’s basis, with factors such as capital-market dislocation and temporary oversupply in greater Austin driving the transaction.

The community spans 3 buildings across 10 acres, which consist of one-, two- and a few three-bedroom units averaging 897 square feet. The mean rent is $1,455 a month.

Existing common-area amenities include a pool, fitness center, resident lounge, grill area and dog park. The property also includes 15,000 square feet of retail space. The new owners plan to add a golf simulator, sauna and cold plunge.