News Detail

Austin News Update May 22nd, 2022


May 22, 2022

Heritage Title Company recently hosted their annual Women In Commercial Real Estate Luncheon at the Four Seasons, comprised of some of the best in our business.  Over 75 women gathered to share what they are seeing in their respective roles, engineers, attorneys, real estate brokers, lenders and architects.  We were thrilled to introduce many new faces to the industry this Spring as well!
Attendees brought gift cards, clothes and household items to be contributed to Safe Place, organized by Taylor Terkel Steed.  A special thanks goes to Claire Kurio at Heritage for planning and executing the event!
Saison North will be at 10010 N. Capital of Texas Hwy. at the site of
the former North by Northwest.    See story below.
(Rendering courtesy City of Austin/Community Impact Newspaper)

Austin Office Market Indicator Shows 10-Fold Gain

Connect Media – 5/18/2022

Four months into 2022, the overall vacancy is at 14.2%, up slightly from last year. But it was net absorption where the biggest increase occurred. An NAI Partners market report showed the Austin office market recorded 3.1 million square feet of leasing activity, comprised of both new leases and renewals, while net absorption is at a positive one million square feet, up a record breaking ten-fold year-over-year.


Two Texas Metros Among 2022’s Best Summer Destinations

Recon – 5/20/2022

Austin and San Antonio have landed on WalletHub’s list of the best summer travel destinations in 2022.  Ranking fourth overall, Austin-Round Rock-Georgetown was 11th in attractions, 21st in weather, 23rd in activities, 27th in local costs, 32nd in travel costs/hassles, and 38th in safety. San Antonio-New Braunfels ranked tenth.


Saison North Developers Awarded $3M In Additional Loans From Austin Housing Finance Corp.

Community Impact – 5/19/2022

The Austin Housing Finance Corp. unanimously approved a $3 million loan for Saison North, a $36,296,253 affordable housing rental development planned in Northwest Austin at the site of the former North by Northwest restaurant at 10010 N. Capital of Texas Hwy.

Saison North is projected to be 116, one- to three-bedroom affordable housing apartment units. According to city of Austin documents, the project previously was awarded $3.2 million in AHFC funds in August, bringing the total AHFC funding to $6.2 million.


California Family Trust Acquires Office and Warehouse Space in Central Texas – Capella Commercial Sells Buda35 Business Park

CoStar  – 5/19/2022

A California-based family trust, which has been actively acquiring office, warehouse and storage properties in the Austin, Texas, area, has purchased a business park in Buda, Texas.

VS LP, an entity of Dunham Partners, acquired Buda35 Business Park from Buda35, an affiliate of Austin-based Capella Commercial, the project’s developer. The deal closed in mid-May. Buda35 Business Park is 52,500-square-foot office and warehouse project at 2581 S. Loop 4 in Buda, which is a suburb south of Austin.  Capella’s Tawney Stedman represented the buyer, while Capella’s Mike Shutt and Joe Knezevich represented the seller.



Vi Collina Apartments on East Oltorf Street

Austin Booms Among Top Real Estate Markets For New Homes, Report Says

Austin Culture Map – 5/20/2022

The Austin new-home market is booming, according to a new ranking from real estate platform Point2.  Austin is tied with San Antonio for third place on the list of the major U.S. cities with the most new homes for sale that were built in or after 2012. For Austin and San Antonio, the number of new homes on the market represented a 42 percent share of all homes for sale.


Argo AI Begins Driverless Vehicle Testing In Austin

Community Impact – 5/20/2022

Argo AI, an autonomous vehicle technology company, launched driverless vehicle testing in Austin. The move marks a step toward the company’s goal of providing commercial driverless vehicle services to ridesharing, delivery and logistics companies. Argo AI’s driverless vehicles will operate on public roads during daytime hours, amid high-traffic periods for vehicles, pedestrians and cyclists, according to the press release.


Hutto Annexes And Zones 117 Acres For Light Industrial Use

Community Impact – 5/20/2022

A 117.64-acre tract of land near the northeast corner of SH 130 and US 79 in Hutto is slated for future light industrial use. Hutto City Council approved three ordinances annexing the tract into the city, zoning it for light industrial use and updating the future land use map to reflect the new usage. Called the Ironwood Tract, the land was part of Hutto’s extraterritorial jurisdiction prior to annexation.


Affluent Austin Suburb Among The Richest Texas Counties, Report Says

Austin Culture Map  – 5/16/2022

One Austin neighbor is among the richest counties in Texas, according to data analysis compiled by Stacker. The website compiled a list of the wealthiest counties in Texas based on median household income, and Williamson County nabbed the No. 5 spot at $87,337. The continuing influx of people into Williamson County is helping drive up the median household income.


Tiny Austin Dessert Shop Slices Out A New Piece Of The Pie For Waco

Austin Culture Map – 5/20/2022

Austin’s adorable Tiny Pies are getting a little bigger this summer as the franchise expands out of the Austin area for the first time. The new store in Waco will set up inside Union Hall, a food hall modeled after European markets.  The Waco location is slated to open this summer.


Austin EV Startup Infinitum Electric Raises $80M For Hires, R&D

ABJ – 5/17/2022

As gas prices soar, a local startup building more efficient electric motors has landed a big round of investment to help it develop a next generation traction motor for the electric vehicle market.  Infinitum Electric, an air-core motor company founded in 2016, said it raised $80 million in series D funding to expand production of its cornerstone motor, as well as development of new ones.


Car-Buying Company Car Zeus Now Open In South Austin

Community Impact – 5/19/2022

Car-buying company Car Zeus opened a location at 1415 W. William Cannon Drive, Ste. 103, Austin. Car Zeus customers can submit for-sale vehicle information online and receive an offer via text message. The company also performs inspection services before purchasing vehicles.


Funding Wrap: Elsewhere Partners Closes $175M Fund, Plus More News Of Money On Move

ABJ – 5/16/2022

• Austin-based venture capital firm Elsewhere Partners said May 12 it closed on its second fund with $175 million..
• Mothership — a short-haul, same-day freight logistics software startup — has moved its headquarters to Austin and raised $76 million in funding from several well-known venture capital firms.
• Austin-based autonomous submarine and data startup Terradepth Inc. was one of eight companies to land $100,000 in non-dilutive funding and join a 13-week accelerator at NGA Accelerator.


Grand Opening Celebrates New Vi Collina Multi-Family Complex in SE Austin  – 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.


Bee Creek Rd & Siesta Shores Dr.
2215 Bee Creek Rd., Spicewood, TX 78669
  • 5.43 acre tract located on Bee Creek Road at Siesta Shores.
  • Near Future Vizcaya Neighborhood planned at Bee Creek Road and Thurman Bend Road.
  • Large planned development across the street so best use is most likely retail which would include a convenience store and additional retail.
  • Owners have architectural drawings for two 10,000 sf office/warehouse buildings.
  • Well drilled but no pump; PEC available but not ordered. Three phase power available; Septic design done but not permitted.
  • Zoning: None (in Travis County).
Click here for the marketing flyer.
For more info, contact:
Helen Jobes
512-422-9214 Mbl
Did You Know?

  • Science, technology, engineering & math occupations account for 11.1% of all jobs in Austin in 2021, making Austin the 5th most concentrated in STEM among large U.S. metros.
  • Austin’s water area is approximately 5.6 square miles.
  • On May 22, 1971, the Lyndon Baines Johnson Library and Museum was dedicated on the campus of the University of Texas at Austin.
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Capella Commercial, LLC
512.617.6336 Office
512.422.9214 Cell

317 Grace Lane, Suite 240
Austin, TX 78746

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