Closed in April 2021, The Berkley was a direct acquisition in partnership with multifamily operator, LXMI Capital.  The 72-unit property sits in the northwestern submarket of the Austin metro, serving a local population and workforce in need of attainable housing options.  The property had been substantially remodeled by the previous owner removing the risk of common area capital improvements and deferred maintenance.  Half of the units remained in Classic non-remodeled condition.  As Co-GP sponsors, LXMI and Arris executed a business plan to upgrade the remaining Classic units and release them at rents already achieved at the property by the previously upgraded Luxury and Platinum-level units. 

All but ten percent of the Classic units were remodeled when the partnership opted to list the property for sale to capitalize on a very hot Austin apartments market.  The property was sold in October of 2023, one year ahead of the business plan, returning a 44% IRR to the limited partner and a 113% IRR to the GP partnership.