Cannon Oaks Apartments is a 230 unit apartment complex located in South Austin. The property was built in 2001 and has large units averaging 1,000 square feet with 2×2, 3×2 and 4×2 floor plans. It had been self-managed for 17 years and offers significant management and repositioning opportunities. A land use restriction agreement was recently terminated and rents are significantly below market. The business plan will include re-branding, enhancing the property’s curb appeal, interior unit renovations, LED lighting to reduce utilities, and implementing professional property management. The property was not actively marketed for sale. This under-managed asset was acquired with a private equity partner and a balance sheet bridge lender.