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Silverstone Partners Acquires 160 Unit Apartment Complex In Austin, TX

Silverstone Partners, a Los Angeles-based real estate and investment firm, has acquired SeventyTwo 27 Apartments, a 160-unit apartment complex located at 7227 E Highway 290, in Austin, TX. The transaction amount was not disclosed.

Originally constructed in 1984, the Property is comprised of 160 apartment units across ten garden-style buildings on five acres, and includes studio, one- and two-bedroom layouts. Silverstone plans to make key improvements to both the interiors and exterior, including a resort-style pool and other community amenities.

According to a joint statement by Manoj Ramprakash and Adam Brueckner, managing principals at Silverstone: ” The Property will greatly benefit from more active asset management and a refresh of both the interiors and exterior.  This acquisition represents an important milestone for the launch of Silverstone, and we expect to deploy over $100 million of equity over the next two years into these types of opportunities.”

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About Erik Hamilton

Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.

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