SFO announces the acquisition of Aspect, a 308-unit multifamily community located in Austin, Texas.
Austin has ranked 3rd among the 50 largest MSAs for net migration with an average population growth of 3.3% p.a. from 2010 to 2019 and has been a target market for SFO for the past two years. Aspect is a newly-renovated property built in 2001, boasting a superior amenity set and located at close proximity to major employment hubs including Oracle’s new cloud campus and Tesla’s future 2nd US “Gigafactory” producing its Cybertrucks.
Commenting on the transaction, Mohamad Abouchalbak, CEO of SFO, said: “We are thrilled to expand our US housing program into Austin which has positioned itself as a robust tech hub and continues to record phenomenal growth metrics. We remain strong proponents of the multifamily sector which has been a top performer during the current pandemic, continuing to exhibit its defensive characteristics.”
About SFO Group
SFO is a London-based global real estate investor and manager with presence in Paris, Miami and Beirut. SFO focuses on investment opportunities which offer superior risk-adjusted returns and invests in high-quality assets, acquired at attractive valuations, with a clear path to value creation. SFO adopts disciplined investment strategies organized by asset classes and geographies. As of October 2020, SFO has acquired a diversified portfolio comprising more than USD1.2 billion in assets located primarily in the USA and Europe, including 4,800 apartments and more than 5.0 million sqft of commercial real estate under management.