Hertz Investment Group, a real estate investment firm known for its acquisition and management of Class A office space, has entered the multifamily sector. The firm’s first value-add project includes three multifamily communities in Austin, Texas—the 132-unit Ascent at Quail Creek, the 130-unit Ascent at Walnut Creek, and the 160-unit Ascent at North Burnet.
“The multifamily market will continue to expand across the country. Given our already existing footprint throughout the nation, this is a logical evolution for us,” said chairman, CEO, and president Zev Hertz. “Austin is one of the fastest-growing technology hubs in the nation, and over 100 new residents move there each day. Expanding our portfolio to include multifamily housing in this sought-after city was a unique opportunity that enables us to contribute to this exciting urban growth trend.”
The three multifamily communities are comprised of 52 studio, 254 one-bedroom, and 116 two-bedroom apartments. Renovation plans include upgrades such as quartz countertops as well as new flooring and plumbing in interiors; new roofing and revitalized courtyard areas with barbecue grills and new fencing; and the addition of a dog park and a playground. The firm just completed the exterior renovations and will continue to stage and schedule the interior upgrades as tenants relocate.
For Hertz, location plays a major role in the acquisition and rehab of these three communities. They are all within 1.5 miles from The Domain, an office, retail, and residential center in the high-tech corridor of Northwest Austin.
According to the firm, which has a portfolio of office investment properties comprising more than 21 million square feet in 25 cities throughout the U.S., it plans to seek out additional multifamily opportunities across the nation.
