Balcones Club Changes Hands

Presidium Group snapped up Balcones Club (pictured), a 312-unit multifamily community in Northwest Austin. The property is adjacent to the Balcones Country Club, near the intersection of Spicewood Springs and Highway 183. This is Presidium’s second acquisition in the immediate area. In 2014, the firm acquired Laurel Woods, a 150-unit property about a half mile away. The purchase marks Presidium’s 17th acquisition in the Austin market over the last four years. Presidium plans to implement value-add upgrades, including enhancing the common area amenities and improving the property’s interiors. Exterior renovations will include a new branding theme, modernizing the center and fitness centers, enhancing the pool area, and enhancing the building exteriors. Presidium recently received development permits on its nine-acre development site on East Riverside, where it plans to break ground on a 354-unit multifamily project later this year.