The Stanton Apartments is a 140-unit, Class A asset located in the Austin, suburb of Lockhart, Texas. The Stanton was financed by a HUD 221(d)(4) development loan and construction was completed in 2019. The property was constructed per Green/Energy Efficiency standards and amenities include a fitness center, sports court, playground, swimming pool, dog park, and covered parking. All units have high-end finishes and washers/dryers in the unit.
The Stanton experienced an impressive lease-up averaging 20 move-ins per month before stabilizing in December 2019. In 2020, while many communities struggled to maintain effective rents in the backdrop of the COVID19 pandemic, Stanton’s effective rents grew 2.3% and occupancy averaged 94%. The property continued its strong momentum into 2021 with effective rents 10.7% higher than inception and occupancy at 99%. Due to the strength of the lease-up and operations, ownership decided to exit the project at 3.5 years in order to maximize investor returns.
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