IncomePlus Fund

Madison at Westinghouse



Total Required Equity
Asset type
Investment Objective
Core Plus
Projected IRR
Hold Period
3 Years
Investment Date
October 2019

Investment Summary

Madison at Westinghouse is a 250-unit, Class A multifamily property located in the northern submarket of Austin. Built in 2015, the gated garden-style community spans 13 acres and includes a resort-style pool, grilling cabana, dog park, clubhouse, fitness and business center. The property benefits from its excellent accessibility to the greater Austin MSA and surrounding demand drivers including several retail amenities, major employers and future developments fueled by the city’s rapid growth. The property has historically been self-managed and has struggled under the inexperienced structure, presenting an opportunity to capitalize on both operational upside and immediate income growth.

Key Deal Points

The current price represents a 17% discount to recent property sales and is well below replacement costs. This favorable basis will provide a great opportunity to renovate this asset in future years.

Built in 2015, Anatole’s quality is closely comparable to today’s new construction. This mitigates renovation risk and the building’s poor historical management provides operational upside.

The property is supported by strong area demographics and demand drivers. The rent-to-income ratio is 18%, compared to the national average of 30%, based on the surrounding 3-mile area demographics, and major employers, such as Apple, are located and expanding within close proximity to the community.

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