Hilltop Residential is pleased to announce the acquisition of Leander Park, a premier 288-unit, Class-A multifamily community located in the Cedar Park submarket of Austin, TX. Completed in 2020, the garden-style property offers residents modern amenities and convenient access to major employers such as Apple, Dell's global headquarters, eBay/PayPal, and Firefly Aerospace headquarters, while also being a short drive to The Domain and Downtown Austin.
Hilltop acquired the asset through an off-market transaction at an attractive basis, approximately 20% below replacement cost and 25% below recent sales comps. The firm sees a compelling opportunity to create value through targeted interior upgrades and the transition to Hilltop’s in-house property management platform.
With no new multifamily construction currently underway within a three-mile radius and rents that trail local comps by an average of 15%, Leander Park is well-positioned to benefit from rent growth in a supply-constrained, high-income submarket.
About Hilltop Residential
Headquartered in Houston, Hilltop Residential is a vertically integrated multifamily real estate investment and management company. Since its inception in 2017, Hilltop Residential has acquired 59 apartment communities and currently owns and manages 45 apartment communities totaling 12,723 units. Hilltop is a certified Great Place to Work (2019-2026).