The Chelsea Apartment (the “Property” or “The Chelsea”) project is a 152-unit, “Hollywood” styled apartment community in Central Austin. Our acquisition of the Property was driven by its outstanding location in one of Austin’s fastest growing corridors.  The Chelsea offers excellent visibility and significant street frontage along Lamar Boulevard, which is one of Austin’s highest travelled north-south surface streets. The Property’s proximity to Downtown Austin, The University of Texas, and major transport arteries, including Interstate 35 and Mopac Expressway, provide young professionals and students unrivaled accessibility to their workplace and/or university campus. Perhaps, most importantly, given the redevelopment of the area and the path of growth, we believed and continue to see the Chelsea ripe for a major redevelopment play.  In the interim, the Chelsea represents a solid covered land play investment.

Extensively remodeled in 2015, The Chelsea’s urban retro design is a standout among apartment communities in Austin. Via the substantial investment made by the Seller since 2015,  and additional improvements performed by our team, the repositioning of the Property, including its attractive design and amenity upgrades, have resulted in attracting young professionals and students because of the Property’s proximity to the University of Texas and downtown Austin.  The Chelsea has performed well against new and recent CBD residential projects, as its recent renovations and best-in-class location make it a compelling cost-alternative to millennials and professionals desiring proximity to major employers, diverse services and entertainment outlets.