AUSTIN, TX — American Ventures, a Texas-based multifamily and commercial real estate investment company, announces the acquisition of Franklin Place in downtown Waco, Texas. With this acquisition American Ventures expands its footprint into Qualified Opportunity Zone investments.
The property is in Waco’s only opportunity zone. Congress created the federal Qualified Opportunity Zone program in 2017 to encourage economic growth in under-served communities through tax benefits to investors.
With more than 8,000 opportunity zones nationwide, the reach of these tax incentives is much greater than similar programs from the past such as empowerment zones or enterprise zones, said Shravan Parsi, CEO and Founder of American Ventures.
“As Waco’s economy continues to surge, it was the opportunity zone incentives that made the Waco real estate market an investment destination for us,” Parsi said.
Franklin Place’s already existing Phase I, built in 2014, consists of 63 multifamily units and 10,057 square feet of retail space.
“Capital funds will be invested to enhance the units and add amenities to the property,” said Jake Heffelfinger, Vice President of Investments for American Ventures. “Funds will be used to upgrade lighting, fixtures and add granite in the bathrooms. Amenity upgrades also will include pool furniture and a grill station, a dog walk and covered parking.”
Phase II is to be developed as an approximately 104-unit podium apartment complex that will include an additional 2,000 square feet of retail space and will be jointly operated with Phase I.
“These Class A units will rival any others in town and there will be a beautiful skydeck for residents to enjoy,” Parsi said.
On top of ownership of this class A asset, Mark Hansen, Director of Operations, said that American Ventures is grateful to be a part of the overall redevelopment of downtown Waco.
“This further adds quality of life to the community, investment returns to our investors and growth to all involved,” Hansen said. “We look forward to integrating with the city’s long-term plans and engaging local contractors and brokers to redevelop downtown Waco.”
American Ventures offers private equity firms, pension funds, sovereign wealth funds, family offices and accredited investors access to multifamily and CRE and investment opportunities. The Principals of American Ventures have acquired over 4,000 units over the last several years and the team has over 50 years of experience managing 15,000 units.
American Ventures Acquires Franklin Place, A Mixed-Use Development In Downtown Waco, Texas
