950 sq. ft.
Avg. Unit Size
Property Type: Multifamily Townhomes
In September 2021, First Capital Advisors acquired 1200 Banister Lane, a six-unit townhome community located in the rapidly growing South Lamar neighborhood of Austin, Texas. The property sits upon a hilltop, affording skyline views of Downtown Austin – which is just four miles away – and providing excellent access to the abundant employment and entertainment opportunities that Austin has to offer.
Built in 1971, the property consists of six, two-bedroom townhome units, each measuring approximately 950 SF. With outdated unit interiors and existing rents significantly below market-level, FCA has identified an opportunity to implement major renovations to the property, including new interior finishes and exterior updates that will increase the appeal to renters. Doing so will create significant rent growth, thereby increasing NOI and the overall value of the property.