Venture Lines Up $100 Million Apartment Project in Greater Austin
CoStar – 12/27/2021
Thompson Realty Capital and Trez Capital are teaming up once again, this time to develop a $100 million apartment project about 30 miles north of downtown Austin, Texas, in Liberty Hill.
The venture, in its seventh project together, broke ground on the first phase of Larkspur, a development located just north of of the fast-growing city of Leander. The garden-style complex is being developed in two phases, with Larkspur to offer 504 units upon completion.
Dallas-Based Developer Eyes Georgetown For Huge Commercial, Residential Hub
ABJ – 12/23/2021
One of North Texas’ largest industrial developers is eyeing a 224-acre development that could bring nearly 2 million square feet of industrial space plus multifamily units to the north side of Georgetown.
Dallas-based Jackson-Shaw Co. received unanimous approval from Georgetown City Council for a slew of agreements for the project. Officials said the company is hoping to break ground within a few months on the development, which is located alongside I-35 north of the intersection with State Highway 195.
Cousins Follows Up Amazon News With Pair of Major Downtown Austin Deals
CoStar – 12/22/2021
Cousins Properties is continuing to shake up its portfolio with a pair of major deals in downtown Austin, Texas. The Atlanta firm sold the 816 Congress building to an undisclosed buyer for $174 million, and bought out its partners in 300 Colorado for $162.5 million.
The pair of deals is part of a larger recycling for Cousins, which has invested over $1 billion in new developments and acquisitions while selling over $600 million of what it described as older vintage, capital intensive assets.
Incentive Package To Lure Samsung To Taylor Is Biggest In Texas History
Austin American Statesman – 12/28/2021
Samsung’s plan to build a $17 billion next-generation semiconductor factory in Taylor is being called the largest direct foreign investment in Texas history. The amount of publicly funded incentives that sealed the deal for the small town northeast of Austin is of similar historic significance.
South Korea-based Samsung is set to receive property tax breaks from the city of Taylor, the Taylor school district and Williamson County totaling $954 million over the life of the agreements. Combined with a $27 million grant from a state incentive fund, the package adds up to $981 million and easily ranks No. 1 in a database compiled by the public-interest group Good Jobs First.
City-Focused Developer Lands $1 Billion Partnership With Swiss Investment Giant
CoStar – 12/16/2021
A Texas company known for building luxury housing in densely populated urban areas received a major cash infusion to expand in five booming cities in the U.S. West, signaling that investor confidence in urban areas is back.
Austin-based StoryBuilt entered into a $1 billion joint venture agreement with Partners Group, a global investment firm based out of Zug, Switzerland. The deal capitalizes 17 projects StoryBuilt already has in the pipeline in its key markets of Austin, Dallas and San Antonio, Texas; Denver and Seattle, and it funds future acquisitions.
Huge Bastrop 552 Film Studio May Open In 2023
ABJ – 12/28/2021
A 546-acre film studio and entertainment district near Bastrop has a target opening date for its first phase: August 2023. That’s among the new details emerging about the Bastrop 552 project, which owner Alton Butler has said will eventually have 486,000 square feet of studio space, 300,000 square feet of warehouse/mill space and 200,000 square feet of office space in a horseshoe bend of the Colorado River.
Investors Gravitate to Nexus East’s Location in the Heart of East Austin
ConnectMedia – 12/21/2021
Nexus East, a newly constructed 352-unit luxury multifamily asset in Austin, recently sold to an affiliate of Treeline Multifamily Partners Ltd. The purchase price was undisclosed. The seller was a partnership between Ardent Residential, an Austin-based real estate development firm specializing in multifamily properties, and DDelta Development based in Monterrey, Mexico. Nexus East, which delivered in 2021, features a mix of studio, one- and two-bedroom units, and was 90 percent leased at the time of sale.
Easton Park Set To Grow With More Houses, Apartments
ABJ – 12/27/2021
Easton Park — already one of the most active communities in the Southeast Austin area — is pushing residential development forward with new housing options.
Civil engineering firm Consort Inc. recently submitted plans to the city of Austin for a 300-unit apartment building on vacant land within Easton Park. Developers also submitted plans for 200 new single-family homes on lots currently platted for condominiums, which Brad Chelton, president of Brookfield Residential Texas, said will eventually be for-sale homes.
Weitzman CEO: What To Expect In 2022 Retail Leasing, Development
ABJ – 12/30/2021
As the country and the region continue to manage policies in safely coping with Covid-19,Weitzman President and CEO Marshall Mills said, for his firm, the majority of tenant sales are up over 2019 for 2021; retail development is set to come back in the next 12 to 24 months; and grocers won’t be sitting on the sidelines for much longer. We will see the H-E-Bs and other major players do projects in the next 12 to 24 months. Click below to read the full article.
Canadian Real Estate Company Enters Austin Apartment Market
ABJ – 12/23/2021
A Canadian real estate investor is the latest international player seeking to make a splash in the Austin market. Toronto-based Prism Multifamily Group Inc. has bought Spectra Parks, a 324-apartment community at 5301 Decker Lane in East Austin. The community is 65% occupied and 80% leased.
Brookwood In Georgetown Buys 127 Acres Of Land For Residential Community
Community Impact – 12/20/2021
Nonprofit organization Brookwood in Georgetown purchased 127 acres of land in Weir to build out Grace Place, a neighborhood for adults with disabilities. Grace Place will be located at 2148 CR 120, Weir, and will not be accessible to the public until June 2022. The residential community will be built out in four phases and will feature a chapel and event center, an outdoor movie theater, a fitness center, a tiny home village, a pet resort and several additional houses. The community will house 80 residents.