Velocis Purchases Two Multifamily AssetsOctober 21, 2021
New purchases in San Antonio and Nashville are Velocis’ third and fourth multifamily assets
Dallas, Texas – (Oct. 21, 2021) – Velocis, a private equity real estate manager, has purchased two multifamily assets, Highline, a 208-unit multifamily community in San Antonio, and Station 40, a 246-unit multifamily community in Nashville, Tennessee.
Highline and Station 40 are Velocis’ third and fourth multifamily assets. Velocis also owns multifamily assets in Charlotte, North Carolina, and Austin, Texas.
“San Antonio and Nashville continue to be top job markets, and both are seeing excellent population and economic growth. We believe the San Antonio to Austin corridor will continue to see robust growth, as will Nashville,” said Jim Yoder, partner. “Multifamily is one of the most dynamic sectors in the real estate industry. Both assets provide value-add opportunities and are poised to achieve strong rent growth.”
Built in 2000, Highline is located 10 minutes east of the University of Texas at San Antonio and across the street from the new University Village mixed-use development. Once completed, University Village will span 114-acres and include 320,000 SF of office and 119,000 SF of retail, all walkable from Highline.
Highline has enjoyed a history of strong institutional ownership and the property requires minimal updates. However, Velocis will implement a comprehensive value-add plan for the unit interiors to improve leasing traffic and push rents including updated counters, cabinetry, flooring, lighting/hardware and more.
As Austin continues to grow and that market’s cost of living continues to rise, companies and renters alike have moved down the I-35 corridor to San Antonio for a more affordable lifestyle. However, San Antonio is also experiencing meaningful population growth with a modest delivery of new housing – promising strong rent growth opportunities in the near term.
Station 40, located in Nashville’s Sylvan Park neighborhood, is a Class A, mid-rise multifamily asset built in 2016. The property is a short distance from many of Nashville’s top employers and is surrounded by premier retail, including a new Publix grocery store under development. The asset already has a strong market and leasing presence that will be further enhanced with updates to the gym, pool deck, outdoor lounge and business center. Additionally, Velocis plans to implement a value-add program that includes upgraded flooring, cabinetry, lighting and technology packages to modernize unit interiors.
Velocis acquired an office building in downtown Nashville earlier this year and is excited to expand the Fund’s footprint in this booming market.
Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith, and David Seifert. Acquisition team members include Daniel Plumlee, Rex Huddleston and Bailey Crowell.
Velocis is a private equity real estate investment firm, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.