Diversifying to Austin & DFW - Looking for recommendations

[Dan Chak]

Hello BP investors,

I'm invested in in 4 properties right now (2 in the Bay Area, and 2 in Boston/Cape Cod) and I'm looking to diversify into Texas, along with some friends who are already investing there. It appears to be a big growth market, and one where people are moving to from the areas I'm already invested as skyrocketing house prices push people out.

My goal over the next year is to buy about $10M in apartment buildings, flexible at the moment whether that's one development or twenty 4-plexes, entirely dependent on what market situation I encounter when I visit in July to do a market tour. Either way, the goal will be to achieve scale in specific neighborhoods so one team can manage all the properties in each city. At a minimum, the goal for the upcoming visit is to identify the specific neighborhoods to focus on, and hopefully also build the local team. Right now I'm interested in Austin and DFW, though I understand Houston is a good area to invest in as well, and may be worth considering later in the process if I don't find what I'm looking for in Austin / DFW.

So my questions are:

- Are there any B/B+ communities/zips that you recommend in each area that contain this kind of housing stock? I'm especially interested in up and coming areas attracting artists/creative types

- If you're focusing on either of these areas and can share your experiences, or have recommendations for investment minded brokers, property managers, local bankers, inspectors, etc., please reach out

Best,

Dan Chak