|Project Level IRR||16%||32%|
|Project Level EM||2.29x||2.17x|
|Hold Period||7 Years||3 Years|
Summit at Hyde Park is strategically located just minutes from the top employment hubs in Austin, TX including Downtown Austin and The Domain. As of July 2020, Austin grew at an unprecedented rate of 3% from the year prior and 34% from 2010 making it the fastest growing metro with at least 1 million residents. This equates to 184 new residents per day. The average household income in the Central Austin area is $115,000 and CoStar reported 11.8% YoY rent growth in Austin for 2021 while RealPage is anticipating 17% YoY rent growth for 2022.
Summit at Hyde Park Apartments is located in the beautiful Hyde Park neighborhood of Austin, Texas. Nestled in this highly desirable North Austin neighborhood, Summit’s convenient location is just 4 miles from Downtown and 6.5 miles from the Domain. It’s also situated between IH35 and Mopac providing easy access to both while placing you just 2.5 miles from the University of Texas. Boasting close proximity to many highly-rated restaurants, schools, and recreational opportunities, Summit’s community of luxury one and two-bedroom apartments is the perfect place for professionals and families to call home.
Summit at Hyde Park was purchased in the Fall of 2019 and was one of DB Capital’s first purchases in the Austin, TX market. The property had been partially renovated by previous ownership and presented an opportunity to continue the renovation scope and push rents. At the time of purchase rents were approximately 10% below market, since that time rents have grown over 24%. Through a premium renovation scope DB Capital has pushed top line revenue, reduced vacancy, and has enabled to property to compete with newly renovated projects in the market.