F&B Capital acquired two adjacent apartment complexes formerly known as Vista Lago (103 Units) and Barcelona (46 Units). The properties were then transformed into a 149 unit community known as Mesh. The garden-style asset is located 3 miles from Austin’s CBD and a block from Lady Bird Lake in the Southeast Austin submarket.
The properties had been mismanaged, carried an extraordinary amount of deferred capex and touted very high economic vacancy. The business plan was to merge the properties and conduct very heavy interior and exterior renovations. Mesh is in a prime location surrounded by new Class A development that experienced tremendous rental growth over the last 24 months. The goal was to offer a high-end unit priced significantly below the Class A competition.