Active Adult Housing Finally Sprouting In Suburb
ABJ – 3/25/2022
An active adult community for residents ages 55 and up is opening in Pflugerville this fall, adding a much-desired housing type to the suburb north of Austin. The community, called Amberlin Pflugerville, is a joint development between Austin-based Sparrow Partners LLC and Ohio-based Welltower Inc. The 195-unit community will be the first of its kind in the city, according to developers.
New 50-Story Residential High-Rise Coming To Downtown Austin
Community Impact – 3/24/2022
Developers broke ground on a new 50-story residential tower at 80 Red River St., Austin, on March 24. The Travis, a 423-unit luxury development in the Rainey Street District, will overlook Lady Bird Lake. Amenities will include access to hike and bike trails, a clubhouse, rooftop pool, a coffee shop and fitness facilities. Construction of The Travis is set to be finished in fall 2024.
Kimley-Horn Expands Its Lease at Office Campus in Austin, Texas
CoStar – 3/24/2022
Kimley-Horn and Associates Inc., a design, engineering and planning firm based in Raleigh, North Carolina, has expanded its footprint in Austin, Texas. Its lease gives Kimley-Horn a larger space at the Campus at Arboretum, an office complex in the popular North Austin area. The engineering consulting firm added 13,443 square feet at the Campus at Arboretum, bringing its total lease to 43,064 square feet.
Nate Paul’s Great Value Storage Portfolio Purchased Out Of Bankruptcy For $588M
ABJ – 3/23/2022
The 64 self-storage facilities that comprise the Great Value Storage chain — founded by Nate Paul, and considered by many to be a cornerstone of his real estate portfolio — have been purchased out of bankruptcy in a $588 million deal that closed March 22.
The embattled Austin-based investor is expected to net an estimated $95 million from the deal after creditors and fees are paid, according to bankruptcy documents. Nearly all of the assets of GVS Texas Holdings I LLC were acquired by a joint venture between a subsidiary of CBRE Group Inc. and The William Warren Group Inc.
Six Developments Held Back, Four Proceeding In Dripping Springs
Community Impact – 3/23/2022
The Dripping Springs Planning and Zoning Commission denied project stages in six developments and gave four projects approval to move forward at its March 22 meeting. The city extended its development moratorium in February.
Among the approved projects was the Caliterra development, a 50-acre plat with 25 homes that was previously denied at the commission’s Jan. 25 meeting due to lacking a sidewalk plan and Hays County approval. The final plat for the Driftwood Golf and Ranch Club, a private residential community centered around a golf club, vineyard and natural amenities, was also denied in January due to lacking an approval letter from Hays County, but it is moving forward as of March. Click below to read more.
Arc Capital Partners Completes East Austin’s “Holly Commons” Rebranding
Connect Media – 3/25/2022
Los Angeles-based Arc Capital Partners (Arc) announced it has rebranded 2400 E Cesar Chavez to “Holly Commons,” a 67,000 square foot commercial property located in the Holly neighborhood of East Austin, TX.
The rebranding follows the acquisition and integration of an adjacent 8,500 commercial office building and surface parking lot and an extensive capital program targeting the property’s interiors, common areas, parking lot, and exterior street presence along E Cesar Chavez Street.
Upscale Seniors Complex in Georgetown, Texas, Trades Hands
CoStar – 3/21/2022
Bain Capital Real Estate teamed with Capitol Seniors Housing to acquire a high-end senior living complex in greater Austin, Texas.
The venture paid an undisclosed amount for Northstar Georgetown, a 210-unit, age-restricted property in Georgetown that houses residents 55 and older. Northstar Georgetown was completed last year on nearly 12 acres east of Interstate 35 near Ascension Seton Williamson Hospital and the Baylor Scott & White Medical Center at 2401 Westinghouse Road.
SFR Providers Are Increasingly Moving Toward Build-For-Rent
GlobeSt.com – 3/25/2022
Providers of single-family rental homes have increasingly turned to the development of new housing over the past two years. Data released this week from the National Rental Home Council and John Burns Real Estate Consulting shows that build for rent homes accounted for 26% of properties added to the portfolios of single-family rental home providers in the fourth quarter, up from just 3% in Q3 2019. Meanwhile, acquisitions of existing individual homes by SFR providers decreased from 81% to 57%.