In partnership with Ashford Communities, they are working to bringing affordable multi-family properties to Phoenix. With the success of Ashford Communities in Houston, Jay A. Bansal was not going to stop there. Jay A. Bansal decided to invest in a third city, Austin. The real estate company just closed on two properties, and one of them is Longbranch.
Located in North Austin, in the North Lamar neighborhood, this multi-family property has a lot of potential. This neighborhood has a reasonably low cost of living, and it’s one of the best areas in Austin for those looking for a suburban feel in an urban area. Because of the lower cost of living, a lot of people rent their homes. To get to North Lamar, people can take the I-35 west, and the neighborhood will be on the East along Lamar Blvd. Some of the businesses found along Lamar Blvd are service shops, pawnshops, and many restaurant options.
Two beloved spots in this neighborhood include the Chinatown Shopping Center and Brownie Park. The shopping center is home to many Chinese and Vietnamese restaurants and businesses. Families also love to spend time in Brownie Park, which features a half-acre of picnic tables and a playground.
Located 3 miles from The Domain, also known as Austin’s second downtown, the Longbranch property offers 104 units that expand over seven apartment buildings. Due to its proximity to The Domain, there is a high demand for office, apartment, and retail space in this area.
Each unit has an average square footage of 673. Before Ashford Communities purchased the property, the previous owners made some improvements to the property. Some of the renovations, such as boiler replacement, tankless Rinnai gas heaters, and parking lot repairs, made the property an attractive investment. Other property amenities include a large deck with furniture and grills, swimming pool, sports court, spa, fitness room, playground, picnic area, dog park, and dog washing station.
Former attorney, Jay Ankur Bansal has 15 years of experience as an entrepreneur. Some of his business ventures include owning gas station convenience stores, a medical-legal funding business, and medical software companies. Jay A. Bansal lives in Phoenix with his wife of 25 years, Rajani Bansal. The couple also takes time to help worthy causes in the community.