R
esolute Capital Partners has acquired Thornton Flats, a garden-style residential community in South Central Austin. The Nashville-based private equity firm, led by co-founders Jesse Mamuhewa and David McCutchan, purchased the 104-unit property at 2501 Thornton Road from an undisclosed seller represented by Patton Jones and Andrew Dickson of Newmark's Multifamily Capital Markets.

    South Central Austin remains a highly desirable location for renters and investors, according to Jones. The proximity of Thornton Flats to vibrant retail and entertainment hubs like South Lamar, South Congress, and downtown Austin makes it a rare investment opportunity in the Bouldin Creek neighborhood. Built in 2017, the property features an outdoor courtyard with a kitchen, fire pit, and hammocks, as well as a lounge, business center, and dog park.

    The apartments offer one- and two-bedroom floor plans with nine-foot ceilings, premium finishes, and private balconies or mini-yards. Units range from 750 to 970 square feet, with rents between $1,876 and $2,711. The location off the South Lamar corridor provides easy access to nearby retailers, restaurants, and entertainment hubs like Music Lane and Rainey Street.

    Major employers such as Meta and Google are within a 2-mile radius, making it convenient for professionals working in the area. Despite Austin's robust rental market, an excess supply of housing has led landlords to lower rents and offer concessions in response to shifting demand. The median rent in the Austin-Round Rock metro dropped 4.7% year-over-year in March, with a decline recorded among the nation's 50 largest metro areas.