The Paskin Group has closed the sale of Keystone Apartments, a 1985-built apartment community of 212 units in Killeen, TX. The asset is located at 2502 Bacon Ranch Road and sold to a private buyer based in Newport Beach, California.
“Keystone has been a high performing asset of ours for over two decades,” states Michael Paskin, President and CEO. “The value proposition we offer investors is access to strategic markets that offer a higher rate of return on their dollar but are passive in nature, requiring no day-to-day management responsibilities from our clients. Our investors benefitted from the long-term, high yields produced by Keystone primarily as a function of our ability to manage successfully at a distance.”
David Boire, Vice President of Investments at The Paskin Group adds, “The two most important factors which contributed to this successful disposition was our operations team outperforming the market and a historic demand for this product type. The Paskin Group was able to outperform the sub market in occupancy due to our proven management platform and commitment to continually improve the aesthetic of our communities. We completely renovated the clubhouse, added a business center, a coffee lounge, a new gym, and updated the pool experience with new gas BBQs, a new spa, and new pool furniture to better serve our residents. As a result, Keystone saw an extremely high level of attention. A number of buyers have been unable to purchase workforce housing in primary and secondary markets which has pushed them into more remote locations and it has pushed prices to historically high levels in Killeen.”
The Paskin Group, which has commercial and multifamily investments spread throughout the country, is also well underway with the local development of an office building located on a prime corner of downtown Santa Barbara. The company has grown significantly over the last several years and currently employs 35 people between its California and Texas offices.