Grand Opening Celebrates New Vi Collina Multi-Family Complex in SE Austin
Austintexas.gov – 5/11/2022
Austin is celebrating the grand opening of Vi Collina Apartments, a multifamily affordable housing complex of 170 units in the East Riverside neighborhood. The Vi Collina complex consists of four buildings, each ranging from five to six stories in height.
Vi Collina was made possible through a limited liability partnership between the Austin Housing Finance Corporation, Saigebrook Development, LLC and O-SDA Industries to provide much-needed affordable housing for households of varying income levels in Southeast Austin.
Judge Approves $95M Sale Of Prime Downtown Development Site Once Controlled By Nate Paul
ABJ – 5/18/2022
A massive downtown Austin land sale is one step closer to closing. A Travis County judge on May 17 confirmed the $95 million sale of three downtown parcels on two sides of The Austonian condo tower. It was a key step after a court-appointed receiver had been tasked with selling the properties owned by WC 3rd and Congress LP, an entity owned by World Class Holdings.
The deal would be for 53,920 sq.ft. surrounding The Austonian condo tower: a surface parking lot fronting Third St. and low-rise buildings at the corner of Colorado and Second streets. These lots could accommodate more than 1 million sq. ft. of towering office or residential space. It’s widely considered one of the best development sites in downtown Austin.
New York Real Estate Firm Expands Presence in Austin With Apartment Deal
CoStar – 5/18/2022
One of the newest apartment buildings in Austin, Texas, was just sold to a New York-based real estate company. Clarion Partners has acquired Modera Domain from a joint venture between Mill Creek Residential and PGIM.
Modera Domain is the latest property to join Clarion Partners’ Austin multifamily portfolio, which features 53 apartment properties and 4,320 units. The 354-unit apartment complex was completed earlier this year at The Domain, the entertainment and office district often referred to as Austin’s second downtown.
Homes, Businesses May Rise On Land Being Annexed Into Northeast Austin
ABJ – 5/20/2022
Central Texas builders and contractors could have even more work in the months ahead as an effort to zone about 190 acres in Austin’s rapidly developing northeastern end has received initial approval from the Austin Zoning and Platting Commission.
The commission on May 17 unanimously voted in favor of zoning the 194-acre property at 6100 Blue Goose Road for single-family small lot housing and community commercial/mixed-use development. The land, located about 11 miles from downtown Austin, sits between Palmer Lane and U.S. Hwy 290, near the Applied Materials campus and Samsung Austin Semiconductor.
Embrey Expands Footprint in Austin, TX with Acquisition of Arboretum Oaks
PR NewsWire – 5/17/2022
Embrey, a diversified real estate investment company based in San Antonio, Tx, has acquired the Arboretum Oaks apartment community. Located in Austin, the 252-unit property built in 1984, marks the first acquisition, and 25th asset that Embrey has either developed, owned, or operated in the greater Austin area.
Fueled by the nation’s leading job and population growth, the Austin area has one of the hottest apartment markets in the country. Asking rents are now up roughly 25% since the start of the pandemic, well ahead of the national average. Most recently, as of the first quarter of 2022, occupancy in Austin increased three percent to 96.4% according to Witten Advisors.
Investors Really Like Apartments
ConnectMedia – 5/20/2022
Yardi Matrix recently reported that year-over-year rent growth and apartment occupancy were both on the rise during April 2022. According to Newmark’s “1Q22 United States Multifamily Capital Markets Report,” investor demand for the product also increased. Sales volume was $63.0 billion, signifying the largest Q1 on record for the product type.
One reason for the product type’s appeal is due to returns. Multifamily total returns averaged 24.1%, exceeding inflation by 1,560 basis points.
Dripping Springs Extends Development Moratorium For Wastewater Permitting
ABJ – 5/18/2022
Dripping Springs City Council voted May 17 to again extend parts of its development moratorium as the city works toward expanding its wastewater capacity amid a spike in population growth.
The moratorium, which was enacted in November, will now extend until Sept. 18 of this year. It affects all permits for new commercial and residential development related to subdivision, site planning, development land use and construction in both the city limits and extraterritorial jurisdiction requiring wastewater service from the city, with some exemptions.
More Details Revealed About Austin Convention Center Redevelopment Plans
ABJ – 5/20/2022
Members of the Austin Convention Center’s executive team presented a preliminary plan for a revamped facility that is expected to generate more than $250 million in additional annual revenue. The redevelopment is expected to take four years and cost between $1.2 billion and $1.4 billion, funded by the Center’s own revenue and the City’s hotel occupancy tax. The expansion, as planned, is estimated to have a total annual economic impact of $753.8 million and create 1,622 jobs.
McCarthy Tops Out 365,000 SF Texas Children’s Hospital in Austin
REBusiness – 5/19/2022
General contractor McCarthy Building Cos. has topped out the new 365,000-square-foot Texas Children’s Hospital in Austin, construction of which began last summer. The 52-bed facility will provide a range of services for women and children. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Full completion is slated for 2024.