Belco Equities, Inc. and Strategic Capital Partners Acquire Apartment Complex in Austin, Texas
Partnership will rebuild and re-lease units in Wells Branch submarket
Austin, Texas, August 21, 2008—Belco Equities, Inc. (BEI) has partnered with Strategic Capital Partners (SCP) to acquire Hampton Apartments, a 308-unit, multi-family project located directly off I-35 and the Wells Branch Parkway in the Wells Branch submarket of Austin, Texas. The acquisition was completed in partnership with a commingled fund managed by Strategic Capital Partners, a real estate investment management company based in Chicago.
Hampton Apartments were built in 1986 and suffered fire damage in 2006. This acquisition will allow BEI and SCP to rebuild the property and take advantage of strong submarket fundamentals when releasing the units.
“I am pleased to team up with Strategic Capital Partners in the acquisition of Hampton Apartments, a solid asset in a strong market,” said Rudy Belton, founder of Belco Equities. “Although Austin’s supply and demand factors vary from time to time, we have always believed in its long-term growth.”
Added Robb Bollhoffer, Vice President of Acquisitions at SCP, “This asset will be a great addition to our Austin portfolio. We understand the supply issues in the city and believe this area and project are somewhat immune from current and future economic conditions. We are also excited to partner with Belco, a company with an extensive track record and impressive reputation.”
Belco Equities, Inc. is a privately-held real estate development and management company founded in 1984 and based in Austin, Texas. Belco develops, constructs, operates, and manages apartment communities in Central Texas, and currently operates 13 multi-family projects in the Austin area. Learn more at www.BelcoEquitiesInc.com.
Strategic Capital Partners, LLC (SCP) is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York. Learn more about SCP at www.StrategicCapitalPartners.net.