Work Underway On East Austin Office Project
Commercial Property Executive – 5/6/2022
Work is underway at Alto, a 110,000-square-foot office project in the East Austin submarket, developed by a partnership between AQUILA Commercial and institutional investors advised by J.P. Morgan Asset Management. The Class A creative office, formerly known as 7th and San Marcos, is expected to come online in the fourth quarter of 2023. Upon completion, Alto will occupy less than an acre at 924 E. Seventh St., the highest point in the East Austin submarket. The five-story office building will take shape atop four levels of underground parking.
More Than 1,000 New Homes Planned For Williamson County Development
Austin American Statesman – 5/11/2022
More than 1,000 new homes are planned for the Vineyard at Florence, a Tuscan-style resort, vineyard and winery spanning more than 600 acres in Williamson County.
With estate lots selling at a “brisk pace” in the first phase, executives with the resort community said that more than 1,000 additional home sites are planned in future phases over time. The first residential phase began last year and is almost completed. The resort is near the town of Florence, about 50 miles northwest of Austin, where the housing market is seeing strong demand and surging home prices.
Commercial Real Estate Awards: Austin’s Best Real Estate Deals Crowned
ABJ – 5/13/2022
Transaction winners were crowned May 12 in the Commercial Real Estate Awards in four categories: office, industrial, multifamily and retail. Winning transactions include:
» Teacher Retirement System of Texas purchase of Mueller building for new headquarters.
» CelLink lease at Gateway35 in Georgetown.
» Flatiron Domain, a trophy asset in the dynamic Domain neighborhood in North Austin.
» The new Tesla center in South Austin.
Click on the link below to read more.
Real Estate Roundup: CenterPoint Properties Buys Into Hutto, Plus Dozens More Deals
ABJ – 5/9/2022
• CenterPoint Properties Trust has acquired a two-building, 361,467-sq. ft. industrial park in Hutto. The buildings are located at 1050 and 1070 New Technology Blvd., tucked between U.S. Route 79 and SH-130.
• Elsewhere in Hutto, Miami-based AHS Residential LLC announced it closed on financing for AHS Hutto Square, a 204-unit garden-style apartment community set be delivered in the second quarter of 2023.
• 6414 River Place Blvd Austin LLC purchased a 15,862-sq. ft. office building at 6414 River Place Blvd. from BRHG Austin Property One LP.
South Congress Retailers Grapple With Street’s Future As Rents Touch $150 Per Square Foot
ABJ – 5/12/2022
There’s one place in Austin where retailers pay Manhattan-like rents: South Congress Avenue. Interest from around the globe has boosted demand to stratospheric levels for a city known more for cowboy boots than expensive handbags. South Congress is one of the few places in the country where retail rents now push into the triple digits.
John Heffington with CBRE does not expect South Congress to turn into Rodeo Drive in Beverly Hills but said more high-end retailers like Hermès at 1221 S. Congress Ave. are sure to follow.
Canadian Firm Expands Its US Single-Family Rental Footprint By Hundreds of Buildable Lots
CoStar – 5/9/2022
A Canadian real estate developer is expanding its U.S. footprint in building single-family rental homes as the niche sector is expected to strengthen with a shortage of housing. Toronto-based residential builder Great Gulf Group announced that it bought 787 residential lots spread between seven master-planned developments in three metropolitan areas in Texas: Austin, Houston and San Antonio.
Real Estate Firm Eyes Mixed-Use Rehab, Redevelopment In Hopes Of Revitalizing Austin’s Sixth Street Entertainment District
Community Impact – 5/10/2022
A portion of East Sixth Street could be in line for a makeover, as the real estate firm controlling multiple properties on the eastern edge of the downtown aims to improve public safety and commercial activity in the entertainment district.
Stream Realty Partners, which owns several of the historic structures lining East Sixth between Brazos Street and I-35, is planning for the redevelopment and rehabilitation of some of those properties. Stream’s plans involve the addition of new office and restaurant space—including new vertical development above existing buildings—and local infrastructure improvements.
TruAmerica Multifamily Acquires 230-Unit Cannon Oaks Apartments in Austin
REBusiness – 4/29/2022
Los Angeles-based investment firm TruAmerica Multifamily has acquired Cannon Oaks, a 230-unit apartment community in Austin. Built in 2003, Cannon Oaks offers a mix of two-, three- and four- bedroom apartments averaging roughly 1,000 square feet. The amenity package comprises a pool, fitness center, clubhouse and a children’s play area. TruAmerica plans to renovate interior units with new quartz countertops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry and upgraded lighting and plumbing fixtures.
Council Gives Rezoning Approval For 11.25 Acre Townhome Development Just South Of Downtown Round Rock
Community Impact – 5/12/2022
Round Rock officials rezoned a new housing development south of the city’s downtown area to a planned unit development. Plans for the project include a maximum of 410 urban multifamily units and 19 townhomes.
The project along E. Logan and S. Mays Streets was previously zoned for single family, commercial and light industrial use, but officials unanimously approved the change during a May 12 city council meeting. The proposed project is known as the Arte PUD by developer W.B. Property Group.
Private Equity Firm Buys Planet Fitness Franchisee For Reported $675 Million
CoStar – 5/10/2022
Another major franchisee of fast-growing Planet Fitness has been sold, and this time the health club chain itself isn’t the buyer. Olympus Partners, a Stamford, Connecticut-based private equity firm, has acquired Excel Fitness Holdings, a Planet Fitness franchisee serving Austin and Dallas in Texas. It was reported that the transaction was over $675 million, a vote of confidence for the health club industry.