Round Rock: 304-Unit Lone Oak passes to Passco

​ROUND ROCK – Passco Companies LLC has acquired Lone Oak Apartments — a 304-unit, Class A garden-style multifamily community at 1201 Hidden Valley Dr.​

Lone Oak Apartments was completed in 2014, and is currently 92 percent occupied.

The units are spread across 16 three-story buildings, with one-, two- and three-bedroom floorplans.

Gary Goodman of Passco Companies noted the Austin apartment market’s average occupancy rate is 94.4 percent, while the Round Rock area’s rate is as high as 97.8 percent.

“In both Austin and its Round Rock submarket, occupancy rates have increased each year for five consecutive years,” Goodman notes.

“As occupancy climbs and Austin expands, renters will continue to look outside the downtown area for housing,” Goodman said.