Waterton Residential's Acquisition of Fox Hill in Austin, Texas Signifies Intention to Grow Venture XI Portfolio Nationwide

CHICAGO, Nov. 17, 2011 /PRNewswire/ -- Waterton Residential is expanding its portfolio nationwide and its purchase in Austin, Texas of apartment community Fox Hill is a step toward that endeavor.

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A 288-unit, Class-A apartment community, Fox Hill  includes 13 three-story residential buildings incorporating a mix of one-bedroom, two-bedroom and three-bedroom units. The conveniently located Fox Hill features a fitness center, clubhouse with Wi-Fi, children's playground and dog park, swimming pool and furnished sundeck, business center, on-site laundry facility, limited access gates, covered parking and detached garages.

"Fox Hill is a desirable asset in Austin, an appealing target market for Waterton's newest investment vehicle, Venture XI," said Matt Masinter, senior vice president of acquisitions, Waterton Residential. "We are excited to add this high quality asset, in arguably the strongest suburban submarket in the metro area to our current portfolio. Waterton will continue to pursue opportunistic acquisitions in Austin, Dallas and Houston as we endeavor to grow the Venture XI portfolio nationwide."

Fox Hill offers beautifully appointed kitchens with granite countertops, stainless steel appliances and kitchen islands,  brushed nickel fixtures, washer and dryer connections, nine-foot ceilings with ceiling fans in both bedrooms and living areas, garden tubs and balconies or patios.

With unbeatable access, Fox Hill is on US Highway 290, within close proximity of the MoPac Expressway, Interstate 35, Highway 71 and Southwest Parkway and just two miles from four of the area's major employers: Seton Healthcare Network's Southwest Campus, Freescale Semiconductor, Austin Community College and AMD. In addition to the employment drivers, residents are within minutes of two major retail destinations: Barton Creek Square and Hill Country Galleria. Further, the property is within 14 miles northeast of Downtown Austin and 20 miles east of the Austin-Bergstrom International Airport.

Newly constructed in 2009, Fox Hill is located within the Edwards Underground Aquifer contribution zone and the Barton Creek Habitat Preserve. Both natural geographic features mean significant development restrictions, restriction zoning regulations and a scarcity of developable sites which limits future apartment supply within the Southwest Austin submarket.

Waterton Residential closed on the purchase of Fox Hill on October 28, buying the apartment community from its original developer, Magill Development. Fox Hill was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.  

SOURCE Waterton Residential