Palladius Capital Management, a vertically-integrated real estate investment manager focused on pursuing multifamily, student housing, hospitality and select thematic investment strategies, announced the acquisition of Citizen House Kyle, a 342-unit Class-A multifamily asset in the high-growth South Austin suburb of Kyle, Texas.
Located along the I-35 Innovation Corridor, Citizen House Kyle was completed in 2022 and is part of the larger Dry River District, a 65-acre mixed-use community being developed by Endeavor that includes multifamily, medical and retail space. The property offers luxury one- and two-bedroom units and an array of amenities, including a resort-style pool, resident clubhouse, high-tech fitness center, outdoor lounge, and co-working space.
Chexal and Director of Investments Nick Maupin, who led the Citizen House Kyle transaction, as well as the rest of the Palladius team have significant experience investing along the Innovation Corridor, having deployed more than $350 million across value-add and core-plus rental housing in this region since 2014. The firm believes the explosive growth from the corridor’s main metros will continue to spill over into surrounding areas like Kyle, which has seen its population increase over 85 percent since 2010. Further demonstrating the area’s strong fundamentals, Hays County – where Kyle is located – was ranked as the second fastest growing large county in the country according to U.S. Census Bureau data.
The Innovation Corridor’s growing population has led to increased demand for high-quality rental housing like Citizen House Kyle as the prices for single-family homes in the area continue to rise. Citizen House Kyle is located 15 minutes from Austin’s central business district and 15 minutes from San Marcos – two major employment centers that are home to companies like Amazon, Tesla, Seton Medical, HBO, Best Buy and H-E-B. The property is within walking distance of over 300,000 square feet of retail space, including a Starbucks, Home Depot, Costco (under construction), a variety of dining options, and Evo Entertainment, a 75,000-square-foot entertainment center with eleven screens, a 14-lane bowling alley, and an arcade.