Samsung Supplier Strikes Incentives Deal for New Division in Central Texas
CoStar – 6/1/2022
A Southern California manufacturer of semiconductor components and known supplier of Samsung Electronics has entered into an economic development agreement with Round Rock, Texas.
Valex Corp. and Round Rock officially committed to an agreement for the manufacturer to make $12 million in capital investments at the Crystal Park business park at 120 E. Old Settlers Blvd. The investment will be divvied up with $5 million going into property improvements and $7 million for new equipment. Valex will lease and occupy the nearly 60,000-square-foot facility for a minimum of seven years and bring 75 new jobs to Round Rock.
Stratus Completes $260M Sale Of Downtown Block Home To W Austin Hotel
ABJ – 6/2/2022
Nashville-based Ryman Hospitality Properties Inc. has officially staked its claim in Texas. On May 31, Ryman Hospitality (NYSE: RHP) closed on the acquisition of Austin’s Block 21 from Stratus Properties Inc. In addition to the 251-room W Austin Hotel, the W Austin Residences and 2,750-seat Moody Theater, where the “Austin City Limits” show is taped, Block 21 is also has 40,000 square feet of office space and 18,000 square feet of retail space.
Anthology Senior Living Plans 130-Unit Community in North Austin
REBusiness – 6/1/2022
Anthology Senior Living has announced plans to develop a 130-unit seniors housing community in North Austin. Anthology of The Arboretum will span 131,000 square feet and offer assisted living and memory care options. Units will be available in studio, one- and two-bedroom formats. Cadence McShane is the general contractor for the project, which is scheduled for completion in spring 2023.
Southern California Company Buys Its First Apartment Complex in Austin, Texas
CoStar – 6/2/2022
A Los Angeles-based investment firm has acquired an Austin, Texas, apartment building with a coveted street address, its first-ever multifamily acquisition in the Texas capital.
Vista Investment Group purchased the 122-unit SoCo Apartments located on South Congress Avenue. Vista Investment Group entered the Austin market in December 2021, when it acquired Park Central, a 114,000-square-foot office building. The company expects to make even more investments in the Austin market.
May Apartment Rents Posted Largest Increase For 2022
GlobeSt.com – 6/3/2022
Apartment rents are growing more slowly than they did in 2021, but at a pace faster than the years immediately preceding the pandemic, according to the latest national rent report by Apartment List.
Year-over-year rent growth currently stands at a “staggering” 15.3 percent, according to the report, but is down from the 17.8 percent peak it showed at the start of the year. In May, rents rose 1.2 percent—the largest monthly increase of the year—and through May they are up 3.9 percent.
City Asks Public To Vote On Options For East Austin Affordable Housing Development
Community Impact – 6/1/2022
Members of the public may now give their input on proposals for an affordable housing development in East Austin, the city of Austin and the Austin Housing Finance Corp. The 3-acre property at 3515 Manor Road, owned by the Austin Housing Finance Corporation and the city of Austin, is set to be transformed into a multifamily rental housing development for low-income families, with permanent supportive housing for homeless individuals. With three different proposals on the table, residents can vote or give comments until June 19.
Alliant Credit Union Provides $10.6 Million Acquisition Loan For Industrial Flex Property In Austin
REJournals – 5/23/2022
Alliant Credit Union provided a $10.6 million loan for the acquisition of a 77,985-square-foot industrial flex property comprising four single-story buildings offering a mix of office and warehouse space in Austin. The property is over 90% occupied by 17 tenants. Constructed in 1986, the well-maintained Springwoods Business Center is located about 13 miles north of downtown Austin, in a growing suburb with access to main thoroughfares and freeways.
Leander City Council Approve Project Amendments To New $22M Multisport Complex Development
Community Impact – 6/3/2022
Leander City Council approved adding multifamily housing to a multisport complex development that was originally approved only for commercial use. Council also approved additional parking space being added to the project development. The project will now be a mixed-use development that will feature a dome primarily used as a tennis venue and multifamily housing with a maximum of 20 units. Valued at $22 million, the multisport complex will include retail, office, entertainment, restaurant and residential space. Construction on the project site will be done in two phases.
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