The Ace was a new construction, premier suburban multifamily development located in Round Rock, TX, within the Austin MSA. The project was developed through a joint venture between Mesa Capital Partners and LIV Development.

The project is located along University Boulevard, a major artery through Round Rock, amongst retail, education, and employment centers within Round Rock. The location is adjacent to three higher education campuses (Texas State, Austin Community College, and Texas A&M Health Science Center) and a hospital (Seton Medical Center). Once a sleepy suburb on the outskirts of Austin, Round Rock has exploded onto the national scene as a “super suburb” with unprecedented population, economic, education, and cultural growth.

Mesa’s investment in The Ace was structured as a joint venture equity co-investment whereby LIV Development contributed 38% of the equity, and Mesa contributed 62% of the equity to complete the 330-unit development.

Project Details

Upon completion, The Ace had established itself among the top new construction suburban assets in Round Rock. Average effective rent of the Project at time of sale was $1,375 per unit ($1.48/sf).

The project delivered an IRR of 26.7% and an equity multiple of 1.75x. The project has since been renamed by the current owner to Bexley Round Rock.

  • Investment Type: New Development/Joint Venture
  • Units: 330 | Average Unit Size: 929 sf
  • Unit Mix: 1-BD (60%) | 2-BD (30%) | 3-BD (10%)
  • Rentable Square Feet: 306,721 sf
  • Status: Sold
  • Investment Date: January 2017 | Disposition Date: May 2019
  • Total Project Cost: $46,270,572 – $140,214/Unit
  • Disposition Price: $59,235,000 – $179,500/Unit
  • Project IRR: 26.7% | Equity Multiple: 1.75x
  • Development Partner: LIV Development – Birmingham, AL