Machine Investment Group has acquired Rise 120, a 277-unit apartment complex located at 120 Boselli Way in Georgetown, a suburb of Austin. The New York-based asset management firm announced the purchase, with Georgetown-based Novak Brothers as the developer and seller. The transaction terms were not disclosed, but public records indicate the property was most recently appraised at $47.5 million, or about $171,480 per unit. Walker & Dunlop provided a $25.7 million mortgage for the acquisition.
Rise 120 began leasing in early 2024 and offers one-, two-, and three-bedroom units. Amenities include a pool, fitness center, walking trails, business center, clubhouse, and approximately 15,000 square feet of ground-level retail space.
The property is situated about 24 miles north of Austin in Georgetown. According to Census Bureau data, Georgetown experienced rapid growth in recent years and became the fastest-growing city in the United States for three consecutive years through 2024. Its population increased by over 50 percent since 2020 and surpassed 100,000 residents in 2025.
Georgetown’s expansion has attracted additional development projects such as Southwestern University’s plans for a large mixed-use district developed by Banbury Development. This project aims to create housing, offices, retail outlets, restaurants, cultural spaces, and entertainment venues within a “mini city” concept.
In October last year, the Texas Municipal League announced its decision to relocate from Austin to Georgetown. The organization intends to invest millions into renovating its new headquarters at the Wesleyan Building on East University Avenue.
As development accelerates in Williamson County due to population growth pressures, local officials updated subdivision regulations in 2025 to require earlier traffic impact studies and water service commitments from developers.
Despite challenges facing Austin’s multifamily sector—such as declining rents that fell by nearly five percent over twelve months ending October last year—Georgetown’s growth trajectory and new inventory like Rise 120 have helped insulate it from broader market struggles.
