Renaissance Austin Hotel

Renaissance Austin Hotel

The Renaissance Austin is conveniently located northwest of downtown Austin in the Arboretum / Domain submarket, near the convergence of US 183, Capital of Texas Highway / Loop 360, and the MoPac Expressway.

This upper-upscale full-service hotel features 492 spacious guest rooms including 88 suites and 77,600 SF of indoor and outdoor meeting and event facilities on 7.74 acres of elegantly landscaped grounds. Built in 1986, the Renaissance Austin Hotel has many upscale amenities and spectacular views of the Texas Hill Country and the downtown Austin skyline. The property is managed by Marriott.

Austin’s economy is growing, with major and expanding global corporate tenants including Apple, Google, Hewlett-Packard, Cisco, Microsoft, Dell, 3M, plus the University of Texas and the Texas State Capital government. The city is also a leading tourist destination historically hosting over 27 million visitors annually.

The purchase price of the hotel represents more than a 50% discount to replacement cost and a 30%+ discount to pre-pandemic pricing.

Key Drivers

  • The Hotel is one of the largest in Austin and is well-positioned as an attractive venue for group meetings and events and Austin’s dynamic corporate base.
  • Austin is one of the fastest growing markets in the country as it continues to transform as a hub for the technology, software, medical and biotech sectors.
  • The meeting / event areas have 72,200 SF of indoor space and 5,400 SF of attractively designed outside space.
  • The hotel is adjacent to the new Apple campus, nearby major corporate office complexes and retail shopping at The Arboretum.

Summer Grove

Summer Grove Apartments

Summer Grove Apartments, located at 3802 Half Turn Road, Colorado Springs, CO 80917, was constructed in 1971 and 1972 and is an apartment community consisting of four rental buildings and offers one-bedroom (274), two-bedroom (98) and three-bedroom (2) units, on 9.21 acres. An affiliate of The Axton Group acquired the property in partnership with The Bascom Group in June 2019 at an attractive basis of $82,887 per unit, or $31,000,000, a discount to both comparable sales and replacement cost. The property is conveniently located in central Colorado Springs and the business plan includes interior and exterior renovations, while still offering tenants an attractive and affordable place to live. Summer Grove has a variety of community amenities and provides residents with convenient access to shopping, dining and major employment centers throughout El Paso County.

Key Drivers

  • Well located community with convenient access to strong employment centers, schools and numerous retail and entertainment options
  • Attractive and affordable place to live
  • Elite quality of life
  • Very little new construction of multifamily communities over the past several years
  • Significant pace of population growth and strong demographic fundamentals

Tanglewood

Tanglewood Apartments

Tanglewood Apartment Homes, located at 3803 Half Turn Road, Colorado Springs, CO 80917, was constructed in 1972 and is an adjacent apartment community to Summer Grove Apartments consisting of five rental buildings and offers one-bedroom (64) and two-bedroom (48) units, on 2.93 acres. An affiliate of The Axton Group acquired the property in partnership with The Bascom Group in June 2019 at an attractive basis of $90,625 per unit, or $10,150,000, a discount to both comparable sales and replacement cost. The property is conveniently located in central Colorado Springs and the business plan includes interior and exterior renovations, offering tenants an attractive and affordable place to live. Tanglewood has a variety of community amenities and walkable grounds, providing residents with convenient access to neighboring entertainment and major employment centers.

Key Drivers

  • Well located communities with convenient access to strong employment centers, schools and numerous retail and entertainment options
  • Attractive and affordable place to live
  • Elite quality of life
  • Very little new construction of multifamily communities over the past several years
  • Significant pace of population growth and strong demographic fundamentals