DJE Texas Management Group has acquired Texas-based Autumn Brook, an apartment community. No financial terms were disclosed.
SAN ANTONIO (PRWEB) JUNE 10, 2019
DJE Texas Management Group, a San Antonio based private equity firm, today announced the acquisition of the 124 unit apartment community known as Autumn Brook. The latest acquisition will take DJE’s multifamily portfolio to over 1,100 units in Central Texas.
Autumn Brook is a 1972 and 1980 vintage property located at the corner of Blanco and West Avenue, and features brick exteriors, mature trees and excellent access to 281, Wurzbach Parkway, and Loop 410. The property resides in the well regarded North East Independent School District and is walking distance from Phil Hardberger Park.
DJE has over $600,000 in capital improvements planned for the community, including exterior aesthetic improvements, landscaping, and interior unit upgrades to include new vinyl plank flooring, paint, fixtures, and appliances. Deferred maintenance will also be addressed. The sale was brokered by Chris Siemasko of The Multifamily Group.
“We are happy to add Autumn Brook to our portfolio and our team is looking forward to repositioning the asset in order to create value for our residents and our accredited and sophisticated investors. This is another great example of DJE core values in action, where all involved parties win. The community will benefit from our planned capital improvements, and our investors get direct access to another large Commercial Real Estate investment without the middleman investors see with other investment vehicles”