Virtú Investments Acquires Chisholm Valley & Westwind Duplexes in Round Rock, TX
Aug 31, 2016
*Round Rock, TX*— Virtu Investments acquired the majority ownership of Chisholm Valley & Westwind Duplexes, in Round Rock, TX. This acquisition represents a rare opportunity to own an asset in Austin, TX, that has strong initial cash flow, value-add upside, and is well-differentiated from the supply risk that is currently associated with Austin. Chisholm Valley consists of 76 contiguous duplexes (152 units), all of which offer three bedrooms, attached garages and fenced yards. Chisholm Valley is located less than two miles from Dell’s worldwide headquarters and benefits from strong local retail amenities and access to major transportation routes in the Round Rock suburb. Chisholm Valley provides a significant opportunity to add value through the application of best practices to onsite management, improve marketing efforts, and make strategic capital improvements the physical plant.
Virtú’s renovation strategy is to prepare the asset for long-term ownership and improved cash flows by completing a unit interior renovation on all units. We will also cure key deferred maintenance items at the property including roofs, exterior paint, and exterior siding. Perhaps one of the most appealing aspects of this investment opportunity is the visible opportunity to participate in the exciting, explosive growth of the Austin metro, while limiting potential downside risk by being in a relatively unique asset. We believe Chisholm Valley’s format, with all three-bedroom duplexes plus garage and yard, differentiates the property significantly and insulates it from most of the conventional multifamily properties being built in the Austin metro.
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