Santa Monica, CA, August 15, 2018 --(PR.com
)-- In a joint venture between Los Angeles based Dekel Strategic Investors and Arrowroot Real Estate (“ARE”), the group acquired Mueller Place (the “Property”), an 86-unit valueadd apartment project located in the Mueller submarket of Austin, TX.
The property is representative of ARE’s strategy to target older value-add assets in markets that demonstrate strong rental fundamentals and a presence of technology related employment. ARE plans to make interior and exterior renovations to the Property, as well as cure deferred maintenance, in an effort to bring rental rates in-line with the submarket.
The Property is the third investment made by Arrowroot Real Estate Fund I (“Fund I”) thus far in 2018. The group has currently received commitments in excess of $10 Million on Fund I and anticipates closing out the remainder of the $20 Million co-investment vehicle by Q4 2018. Their current acquisitions pipeline includes projects in Salt Lake City, Portland, Nashville, Raleigh, San Diego and Los Angeles.
With the combination of hands on deal experience and capital resources the team targets total acquisitions in excess of $300 million over the next 18-24 months. For additional questions or quotes please contact Brennen Degner, President of Arrowroot Real Estate, at email@example.com or (310) 857-9654.