Baar-Zug, Switzerland, 13 January 2015
Partners Group develops a multi-family apartment complex in Austin, Texas
Partners Group, the global private markets manager, has invested in the USD 42 million development of Alexan East 6th Street, a Class A multi-family residential project in Austin, Texas, on behalf of its clients. The project was fully-entitled and largely construction-ready at the time of the investment closing.
Alexan East 6th Street will be a 5-story development, with 208 multi-family rental apartments and approximately 6'000 sqft of retail space, located in East Austin about 1.5 miles from downtown. Construction is due to begin in the spring of 2015 and will take approximately two years. Partners Group has partnered with Trammell Crow Residential on the project, a developer with a 35-year track record and an affiliated general contractor.
Pam Alsterlind, global Co-Head Private Real Estate at Partners Group, comments: "The Alexan East 6th Street development is a great fit with our strategy of manufacturing core real estate in markets with high demand and attractive fundamentals. Austin has beaten the national averages for both job and population growth in the past few years due to its position as a hub for the technology industry and we expect this trend to continue, boosting residential demand and maintaining apartment absorption rates."