A new Austin based private equity firm has set its sights on apartments on Texas’ biggest #apartment markets, the Austin Business Journal reports.
Casoro Capital, LLC is working on raising $50 million in private equity to buy Class B and C apartments in Austin, Dallas, Houston, and San Antonio. The company is already in discussions to buy several apartments in the Houston area.
Casoro Capital’s Casoro Capital Real Estate Fund I LP will seek funding from high net worth individuals, family offices, and public institutions.
Casoro’s investment strategy will have three diferent prongs. The first is Core-plus, where they buy an apartment, make changes to the property, operations and management, and then sell the property. The second is Opportunistic, where they will buy apartments from bankruptcy, or fund new apartment development if it makes more financial sense than buying. Finally, they will have a Value-add strategy, where they will buy an apartment community, renovate the property, and then sell the complex after 3 to 5 years.
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