Fund manager Pintar Investment Company, which has a niche focus on the single-family rental asset class, recently acquired Arise Riverside, a 276-unit apartment community in Austin, for $58 million. San Juan Capistrano, CA-based Pintar acquired the property, currently under development by Alliance Residential, as part of its Opportunity Zone Fund and is the third asset in this vehicle.
“We’ve been searching for opportunities in the Austin marketplace for the past 12 months,” said Pintar CEO Jeff Pintar. “This project was the first that met all our criteria, which include being located in an Opportunity Zone, being developed by a best-in-class developer and being strategically located.”
He cited the project’s proximity to Oracle’s new U.S. headquarters, Tesla’s upcoming Gigafactory and Austin-Bergstrom International Airport. “While this is our first foray into Austin, it won’t be our last,” Pintar said. “We are in active negotiations on several other projects.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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