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**Machine Investment Group and Alta Real Estate Partners Acquire Georgetown Multifamily Property**
Machine Investment Group, in partnership with Alta Real Estate Partners, has acquired Rise 120, a newly constructed 227-unit multifamily property located in Georgetown, Texas. The property was developed by Novak Companies and completed earlier in 2024.
The acquisition represents a strategic opportunity to own a high-quality, new-construction asset at a significant discount—approximately 30% below the developer’s basis. Market conditions such as capital market dislocation and a temporary oversupply in the greater Austin area contributed to the favorable terms of the transaction, according to Machine Investment Group.
Rise 120 encompasses three residential buildings on a 10-acre site and includes a mix of one-, two-, and select three-bedroom units. The apartments average 897 square feet, with an average monthly rent of $1,455.
Residents have access to a wide range of amenities including a swimming pool, fitness center, resident lounge, outdoor grill area, and a dog park. Additionally, the property features 15,000 square feet of retail space. The new ownership group plans to further enhance the community’s offerings by adding amenities such as a golf simulator, sauna, and cold plunge.
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