Machine Investment Group has acquired Rise 120, a 277-unit apartment complex located at 120 Boselli Way in Georgetown, an Austin suburb. The seller is Novak Brothers, based in Georgetown. While the purchase price was not disclosed, public records show the property was recently appraised at $47.5 million, which breaks down to about $171,480 per unit. Walker & Dunlop provided a mortgage of $25.7 million for the transaction.
Rise 120 opened in early 2024 and includes one-, two-, and three-bedroom units. Amenities offered at the property include a pool, fitness center, walking trails, business center, clubhouse, and approximately 15,000 square feet of ground-level retail space.
Georgetown is situated about 24 miles north of Austin. According to Census Bureau data, it was the fastest-growing city in the United States for three consecutive years through 2024 and surpassed a population of 100,000 in 2025. The area’s rapid growth has led to increased development activity. Southwestern University is expanding with help from Banbury Development on a planned mixed-use district covering 560 acres that will feature housing, offices, retail spaces, restaurants, cultural venues, and a boutique hotel.
In October last year, the Texas Municipal League announced plans to move its headquarters from Austin to Georgetown and intends to invest millions into renovating the Wesleyan Building at 205 East University Avenue.
Due to this growth trend and because Rise 120 is a new property, it may be less affected by challenges facing Austin’s multifamily market. After significant apartment construction in recent years led to declining rents and occupancy rates across Austin—rents fell by nearly five percent over the last year—market conditions have started stabilizing with flat occupancy levels reported as of October.
To address infrastructure concerns amid rapid development in Williamson County—which includes Georgetown—county officials revised subdivision regulations in 2025. These changes require developers to conduct traffic impact studies and secure water service commitments earlier during planning stages.
