Ellie Apartments represents TruAmerica’s second acquisition in the Lone Star state and first in the Austin MSA. Ellie Apartments is in the East Austin subdivision of Austin, TX. East Austin, from Oltorf Street to Manor Road, is Austin’s most unique and thriving area; a rapidly gentrifying neighborhood defined by some of the city’s most popular restaurants, bars, natural attractions, and retail. Major redevelopment has helped this area revamp its reputation into a major cultural district.
TruAmerica plans to bring the remaining 142 classics to a consistent, higher-end finish level and make select, accretive upgrades to the exteriors and amenity spaces.
Ellie Apartment’s units average 831 square feet, offering one- and two-bedroom floorplans with airy 9’ ceilings. Standard features include ceiling fans, thermostats, Google Fiber availability, and full-size washer and dryer connections in all units.
Completed in 1999, the garden-style community consists of 344 units. Modern unit interiors and resort-like amenities provide residents with the upscale atmosphere desired by today’s urban renter. Situated in the Southeast Central submarket, Ellie Apartments has a strategic position in the market, which provides highly amenitized living at far lower rental rates than Class A assets in the Central Business District and attracts tenants looking for a luxury lifestyle within minutes of Downtown Austin.
While current ownership has upgraded 202 apartments, the opportunity remains to bring the 142 classic units to a consistent full renovation. Upgrades to the apartment interiors in the classic homes will include stainless-steel appliances, vinyl flooring, granite countertops, new white-shaker cabinet fronts, tile backsplash, and upgraded plumbing and lighting fixtures.
Potential amenity enhancements and upgrades include exterior paint, signage improvements, convert laundry room to dog wash station, new pool furnishings as well as improving the landscaping around the property.