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Ryan Cos. Reveals $210 Million Corporate Project in Austin

24 Oct 2014, 5:49 pm

By Anca Gagiuc, Associate Editor

Minneapolis-based development and construction company, Ryan Cos., unveiled the impressive project it plans to develop on the south shore of Austin’s Lady Bird Lake. The Waterfront corporate development illustrates a 625,000-square-foot office development on 10 acres, west of Pleasant Valley Road.

The value of the project at built out is estimated at $210 million, reports Austin Business Journal; this is the company’s first project in Austin. The conceptual design has been handled by Austin-based STG Design and TBG Partners. It consists of three buildings overlooking the lake and the downtown skyline. A rooftop café, a dog park, food truck court, structured parking, trails, outdoor courtyards, and multiple balconies are part of the development’s design.

One interesting aspect for the investors is the size of the floorplates: building 1 will have a 45,000-square-foot floorplate, building 2 will have a 30,000-square-foot floorplate, and building 3 will have a 50,000-square-foot floorplate. The development is designed to receive Silver LEED certification.

Brokers Mark Emerick and John Barksdale from CBRE Group Inc. are marketing The Waterfront. Cypress Real Estate Advisors, an Austin- based multifamily developer, is the current owner of the site.

Photo courtesy of Ryan Companies Facebook Page

CAHFC and The NRP Group Celebrate the Opening of Sienna Pointe Multifamily Development in San Marcos

20 Oct 2014, 3:19 pm

By Anca Gagiuc, Associate Editor

A new multifamily development celebrated its grand opening in San Marcos, Texas. The NRP Group LLC and Capital Area Housing Finance Corporation held the ceremony for Sienna Pointe, a 228-unit development designed to provide top quality living at affordable costs.

At the ribbon-cutting ceremony were present City Council Member Ryan Thomason, County Commissioner Will Conley, Jim Shaw, CAHFC Executive Director, Dan Markson, Senior Vice President of Development for The NRP Group, representatives of the San Marcos Chamber of Commerce, and Sienna Pointe residents.

The apartment complex is located at 2913 Hunter Road, less than five minutes from San Marcos Premium Outlets, San Marcos Historic Downtown Square, and it sits on 13 acres. The apartment homes offer one, two, three, and four bedrooms. Among the community amenities are a business center, fitness center, a community pool, and children’s play areas.

The development costs reached $27 million; this project represents the second partnership between CAHFC and The NRP Group.

“CAHFC is pleased to partner with The NRP Group, a top developer, to bring this much needed apartment community to San Marcos,” says Shaw. “Sienna Pointe is an illustration of our efforts to improve and expand the availability of quality housing so that working individuals and families can flourish.”

“The residents of Sienna Pointe are employed in a broad spectrum of local industries,” says Markson, Senior Vice President of The NRP Group. “This residential community will provide support for working families that, in turn, contribute to the city’s growth and economic development.”

Photo courtesy of Sienna Pointe Apartments Facebook Page.

Moody National REIT Under Contract to Purchase Arboretum Hotel in Austin

11 Oct 2014, 2:54 am

By Anca Gagiuc, Associate Editor

Houston Mood National REIT I is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum located at 11617 Research Blvd. The offering is for $29,250,000, according to a news release.

The Hilton Garden Inn hotel, which opened in 2002, spreads over 3.427 acres and contains 138 rooms. Hotel amenities include an indoor swimming pool, HDTV, and approximately 1,400 square feet of flexible meeting space.

“This asset fits perfectly within our existing portfolio, being a premium brand in a market that’s slated to outperform the majority of other major metropolitan areas,” said Brett Moody, chairman of the Board and CEO of Moody National Companies. “This particular asset located in a great sub-market, the Arboretum/The Domain Shopping Mall, establishes the environment for this asset to outperform Austin as a whole.”

Austin has many of the features targeted by the REIT: a major university, employment base, population growth, and besides serving as a hub of technology, the city is also known for the live music scene and cultural creativity. The hotel aims to meet the demand for both business and leisure segments

Should the Hilton Garden Inn be acquired by Moody National REIT I, the company intends to invest in upgrading the hotel, to “bring it in compliance with the latest Hilton Garden Inn brand standards”, according to the news release.

Photo courtesy of Hilton Garden Inn Austin NW/Arboretum.

SpringHill Suites- Austin/Cedar Park Will Begin Development

6 Oct 2014, 5:41 am

By Anca Gagiuc, Associate Editor

The hospitality segment of Austin is preparing to welcome a new hotel. Worth Hotels LLC announced the development of SpringHill Suites – Austin/Cedar Park that will be located at 1110 Discovery Blvd. in Cedar Park. Worth Hotels will be the developer and will operate the hotel after completion. Opening is estimated for the first quarter of 2016.

SpringHill Suites by Marriott will have 86 spacious rooms designed for an affordable price. A full bar and a meeting space of approximately 1,500 square feet are part of the design. The outdoor patio, pool & hot tub will be directly connected to the City of Cedar Park hike/bike trail, overlooking the lake behind the hotel. An outdoor gathering area of approximately 3,000 square feet under/around the old oak trees will work as space for a private event, or as the secluded place where guests can socialize at the end of the day.

Doug Denman, President of Worth Hotels says he is “excited to enter the Cedar Park market with a SpringHill Suites by Marriott. We really like the Cedar Park market and believe there is a need for an upper-moderate all-suites hotel that delivers the space, and the stylish, inspiring design offered by SpringHill Suites, all while delivering local flavor that will make this property unique to Cedar Park.”

The development plan considers building to minimize long-term costs and to reduce impact on local resources. Solar panels will be installed on the roof that will generate a portion of the electricity needed by the hotel. LED lighting, good insulation, and heating/cooling controls are meant to reduce energy use. Furthermore, low flow water fixtures will be installed and the greywater will be used for landscape irrigation to reduce gallons of water used to operate the property.

“We will use a combination of some or all of these solutions in order to use fewer resources and reduce long-term cost,” Denman added.

The architect for the project will be Wichita Falls-based Bundy, Young, Sims and Potter, Inc.

HFF Closed Sale of 314,399 Square Feet of Class A Office Space in Austin

26 Sep 2014, 8:13 pm

By Anca Gagiuc, Associate Editor

HFF announced closing the sale of a Class A suburban office portfolio totaling 314,399 square feet in Austin, Texas. It represented the seller, Intercontinental Real Estate Group. The buildings involved in the transaction are Stonecreek I and II and Canyon at Wild Basin. The financial details of the transactions were undisclosed, but both properties were sold clear of any existing debt.

Stonecreek I and II were acquired by a private real estate fund advised by Crow Holdings Capital – Real Estate. The properties are located at 11920 and 11921 North Mopac Expressway, north of The Domain. The complex sits on a combined 9.57 acres, encompassing 239,819 square feet of the total portfolio marketed by HFF in the current transaction. The two buildings are 97.9 percent leased to CoreLogic, Time Warner, Century Link, Intellimark, TSMC, and Siemens.

Canyon at Wild Basin was acquired by CapRidge Partners. The property is located on 10.68 acres at 115 Wild Basin Road in southwest Austin. Displayed on three stories, the building represents 74,580 square feet of the transaction. A two story garage is adjacent to the office development and an executive parking underneath it. The property is 80 percent leased; tenants include Open Symmetry, Alliance Association Management, Downs & Stanford, Dynamic Computing Services, X1 Labs, Creative Solutions, Cloud 8 Sixteen, Powell & Leon, Human Software Group, and Texas Republic Capital Corporation.

“We are very pleased with the activity generated and the entire sale process executed by HFF,” says Thomas Taranto, Director of Acquisitions, Portfolio & Asset Management and the one who led the disposition process for Intercontinental.

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