Patten West

Property Overview: Patten West is currently a 249-unit garden-style multifamily complex on approximately 11.1 acres in the burgeoning East Riverside Corridor of Austin, Texas. The property has been re-zoned and can be developed into a denser multi-family community at some point in the future.

Investment Overview: Acram Group sourced the off-market opportunity to invest in Patten West through a long-standing relationship with the existing owner, an Austin-based multifamily operator. The site is located in the East Riverside Corridor at the intersection of East Riverside Drive and South Pleasant Valley Road, less than a mile from Oracle's Global Headquarters and the Lake Austin Hike and Bike Trail, and under 2 miles from South Congress, Downtown Austin, and Austin-Bergstrom International Airport. The area has experienced significant transformation with Oracle's expansion and mixed-use developments like Presidium’s River Park, a 10MM square foot project nearby. Additionally, Austin’s approved $7.1 billion light rail extension will enhance connectivity to Downtown and the airport, with a stop within walking distance.

Acram expects to break ground on a redevelopment that will deliver a total of 1,100 units of multifamily product. Of the many merits, Acram’s investment in a currently operating asset with higher-density redevelopment optionality, at a below-market basis, and in a rapidly emerging area of Austin, Texas provides multiple avenues to achieve outsized risk-adjusted returns in a dynamic market.