Cannon Oaks is located within the Southeast Central Austin submarket and provides residents excellent proximity to the Austin CBD (7 mi.) and access to the expanding employment centers in South Central Austin. The property is situated four minutes from Interstate 35, which provides access to Austin’s major highways and is nine minutes from Highway 71, which runs east to west through Austin and allows the residents a quick commute to the Austin Bergstrom International Airport. Additionally, the commute route to downtown from Cannon Oaks also includes St. Elmo District, South Congress, South First, and the East Riverside Corridor.
Cannon Oaks is a 230-unit community with two, three, and four-bedroom units averaging 1,000 square feet. Approximately 80% of the units at Cannon Oaks are in classic condition while the remaining previously renovated units are comprised of modest, partial level upgrades. TruAmerica’s business plan involves renovating all 230 homes to a consistent, higher-end finish level by installing quartz countertops with an undermount sinks, lowered bar tops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry, and upgraded lighting/plumbing fixtures. Additionally, the opportunity remains to install washer/dryer machines in all 230 homes.