Connor Group enters Austin market

Connor Group enters Austin market   | aust_txbz, dal_ftw_txbz, South Congress,

Texas Business reports:  AUSTIN—Ohio-based real estate investment firm The Connor Group opened a new market when it purchased its first property in Austin, Texas.

The company now operates in eight markets.

 The property, previously called Camden South Congress, was renamed Cityview at SoCo. It’s an extension of the company’s growing Dallas operation, consisting of eight properties. Financial details of the acquisition were not disclosed.

 Connor Group managing partner Larry Connor said the company has had its eyes on Austin for some time. It’s been actively pursuing a community in the market for more than a year.

 “This property is in an unbelievable location,” Connor said in a prepared statement. “It’s a very eclectic area right next to downtown. It’s exciting. We wanted to make a major statement by going into Austin. By doing this, we will.  Right now it’s easier to be a seller than a buyer, but we still have opportunities to buy great properties. This was one of those opportunities.”

 Cityview at SoCo is 253-unit property. Its 13 buildings were constructed in 2001 and sit on seven acres. The front of the property features several retails spaces.

 The acquisition is the company’s second entry into a new market in as many years. In 2011, it entered Charlotte, N.C. Connor said the company is in the midst of a strategic planning process that could include the entry into two to three new markets in the next five years.

 The Connor Group, which started in 1991 with $400,000 to purchase three apartment communities, now has more than $1.4 billion in assets. It specializes in high-end luxury apartment communities in Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton and Raleigh-Durham.