Kyle, TX – May 22, 2024 – Equity Street Capital, in partnership with SPI Advisory, LLC (“SPI”), the Dallas & Austin-based multifamily private equity firm, announced the sale of Oaks on Marketplace, a 254-unit, Class A apartment complex constructed in 2017 and located at 20400 Marketplace Avenue in Kyle, TX, the third fastest-growing city in the country (U.S. Census Bureau, Dec ’23).
Nestled along the high-growth IH-35 corridor, just seven miles south of Austin, Oaks on Marketplace has been a magnet for renters seeking a luxurious yet casual Austinite lifestyle at an affordable price. This prime location offers residents seamless access to the greater metropolitan area and proximity to major employers such as Texas State University, Amazon, FedEx, Lowe’s Distribution, Ascension Seton Hays Hospital, St. David’s Healthcare, and the upcoming Tesla facility in the Kyle/I-35 Logistics Park, only four miles away.
“Oaks on Marketplace has been a great performing asset for us the last five years,” said Michael Becker, Principal at SPI Advisory. “While we still are very bullish on the I-35 corridor between Austin and San Antonio and own numerous other properties nearby, we felt it was the right time to go full cycle and return capital to our investors so that we can redeploy into better opportunities,” Michael continued. “SPI is very bullish on the greater Austin metropolitan area, evidenced by the fact that we were among the largest Central Texas buyers in 2023 and expect to be a net buyer of Austin in 2024. Today, newly constructed Austin apartments are on sale as developers have temporarily oversupplied the Austin market. We are attempting to buy as many assets as possible before the market fundamentals firm up a couple of years from now. The extreme market conditions today are setting up Austin to be dramatically undersupplied again for a few years, starting around 2026. We want to be very long a world-class city like Austin ahead of that.”
Equity Street Capital and it’s partners acquired the newly constructed property directly from the developer as part of a two-property portfolio in 2019. The sale of Oaks on Marketplace marks the completion of over five successful years of ownership.
About Equity Street Capital: Equity Street Capital (ESC) is a San Diego-based commercial investment firm renowned for its focus on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Founded by real estate investors and entrepreneurs Than Merrill and Paul Esajian, Equity Street Capital is dedicated to providing transformative real estate investment opportunities to it’s investors.
About SPI Advisory, LLC: SPI Advisory (SPI) is a Texas-based multifamily private equity firm headquartered in Dallas, TX with a second office in Austin, TX. SPI transforms the way high net worth investors from across the country identify, assess, secure, & sell high-yield, tax-efficient multifamily real estate investments across the Texas region by offering tailored joint venture partnership & advisory services as well as democratized passive investing opportunities in institutional quality multifamily assets to their increasingly diverse client base
