Laurel Woods is DB Capital’s Sixth Texas Acquisition

Real Estate Investment firm DB Capital has added to its already extensive portfolio in Texas with the acquisition of Laurel Woods, a 150-unit multifamily community in North Austin. Laurel Woods is DB Capital’s sixth acquisition in Texas, which represents 40 percent of the Los Angeles-based firm’s investment portfolio.

Since entering the Austin market in 2018, DB Capital has grown its local portfolio to slightly less than 1,000 units and expects to close on an additional 464 units throughout the state by the end of 2021, according to Hunter Graul, vice president of acquisitions who heads the firm’s Austin office.

“The strong relationships we have developed with principals and brokers has allowed us to unearth and close on properties despite the competitive nature of the Austin market,” said Brennen Degner, DB Capital CEO. “The influx of new residents into Austin has caused the cost of housing to increase significantly in many parts of the city. However, North Austin remains a more affordable option for families and young professionals, leading to lower vacancy rates and consistent rent growth.”

Laurel Woods, which will be rebranded Summit at Westwood, is a 1980s-vintage garden-style community with 150 one- and two-bedroom apartment homes across 12 two-story residential buildings.

DB Capital will begin a capital improvement program to cure operational inefficiencies, improve unit interiors and enhance curb appeal. DB Capital will reposition the property to draft off new construction and compete with comparable value-add projects in the submarket.