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.”