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Berkadia Arranges Sale of Capitol Village Apartments in Austin

25 Apr 2015, 5:41 pm

By Anca Gagiuc, Associate Editor

Austin’s Capitol Village Apartments, a 249-unit multifamily property, is under new ownership. InterGroup Corp. of Los Angeles sold the asset to a private investor from San Francisco.

“This was a highly attractive asset, receiving over 15 offers from a wide variety of investors,” said Forrest Bass, a vice president in Berkadia’s Austin office, in a statement. Bass and George Deuillet III, a Berkadia senior vice president, arranged the deal. “The seller owned the property—its last holding in Austin—for more than 10 years, and the purchase represents the largest Austin acquisition to date for the buyer,” Bass added.

The apartment complex, located at 6855 East Highway 290 near State Route 183, was 96 percent occupied when the deal closed. Built in 1969, it offers one-, two-, and three-bedroom apartments ranging in size from 400 square feet to 1380 square feet.

Amenities include fully equipped kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans, walk-in closets, pantries and mini-blinds. Community amenities feature a swimming pool, clubhouse, playground, fitness center, business center, barbeque area, carports, and laundry facilities.

Sackman Enterprises to Enter Austin with High-Rise

11 Apr 2015, 1:54 am

By Anca Gagiuc, Associate Editor

Sackman Enterprises Inc. has announced its largest expansion outside of the Northeast in its 30-plus year history. The New York City-based developer intends to build a 35-story luxury condominium tower, named 70 Rainey after its address, in the Rainey Street district, continuing the transformation of this downtown neighborhood.

Sackman, which bought the site from Austin-based Riverside Resources, plans to start construction this fall and open the project in late 2017. The mixed-use development will offer 164 residences ranging in price from $300,000 to $3 million. A two-story restaurant with patio bar will serve both residents and the public.

Amenities will include a 19,745-square-foot outdoor  deck, infinity-edge pool and waterfall, sun deck and outdoor lounge with kitchen, cabanas, fire pit lounges, gaming areas, outdoor grilling stations, a virtual golf course, fitness center and outdoor yoga deck, private dining room, business center and conference center. Lady Bird Lake and the Butler Hike and Bike Trail are nearby.

The condo tower is only the first of at least six projects Sackman plans in Austin over the next several years.

Photos courtesy of 70 Rainey.

CyrusOne Grows in Austin

4 Apr 2015, 6:57 pm

By Anca Gagiuc, Associate Editor

CyrusOne recently announced the next step in its Texas expansion: the purchase of an additional powered shell in Austin’s Met Center.

The Austin III data center will be CyrusOne’s largest facility in Austin so far, encompassing 172,000 total square feet of shell and 120,000 colocation square feet. Austin III will feature up to 12 megawatts of power and more than 25,000 square feet of Class A office space.

The facility will be located 7 minutes from Austin-Bergstrom International Airport and offer access to nearby amenities, including hotels and restaurants. The data center uses a modular design approach that enables CyrusOne to commission clients in about 12 to 16 weeks. The first phase of the construction consists of 60,000 square feet of colocation and 6 megawatts of critical load.

“Based on current and projected customer demand, it was essential to expand in this market. We’ve been extremely successful and have seen a tremendous amount of growth in Austin,” said John Hatem, senior vice president of data center design and construction for CyrusOne.

Like its San Antonio II data center, Austin III will be part of CyrusOne’s National Internet Exchange (IX), linking it with other CyrusOne data centers nationwide. Besides combining low-cost robust connectivity with large data centers, CyrusOne National IX creates a data center platform that links more than a dozen of CyrusOne’s facilities and third-party entities in numerous metropolitan markets.

Images courtesy of CyrusOne.

Apple Bites for 4 Buildings Near New Campus

28 Mar 2015, 7:41 pm

By Anca Gagiuc, Associate Editor

Apple has acquired Crossing North, a four-building office complex it had been leasing in Northwest Austin. Terms were not disclosed, reports The Austin American-Statesman.

The 354,354-square-foot office complex is located at 12535 Riata Vista Circle, across the street from the $348 million, 1 million-square-foot Americas Operations Center that the technology giant is building.

Riata Holdings L.P., an affiliate of San Francisco-based Spear Street Capital, was the seller of the property, which is valued at $62.5 million, according to Travis Central Appraisal District records.

For locating its new operations center in Austin, Apple is in line for more than $34 million in state, city, and county incentives. According to state records, the company has received a $5.25 million payment from the Texas Enterprise Fund.

Image courtesy of Google Maps.

Lakeway Resort Wraps 18-Month Makeover

22 Mar 2015, 8:39 pm

By Anca Gagiuc, Associate Editor

The Lakeway Resort and Spa has reached the end of a complex $7 million renovation that was more than 18 months in the making.

The process was completed in phases to minimize disruption and to enhance revenue. “Virtually every aspect of the resort has been upgraded, from the roof to the flooring and everything in between,” said Murray Dow II, president of Dow Hotel Co., Lakeway’s owner and operator, in a statement.

“This is the seventh major renovation we have completed in the past 24 months, all of which have been on time and budget,” Dow added.The 168-key property has earned a Four-Diamond rating from AAA.

Public spaces were refreshed to reflect a contemporary style that combines natural and traditional Texas themes; elemsents of guest rooms were thoroughly revitalized, from carpeting to furniture. Dow upgraded food and beverage venues and added a new restaurant, Masterson’s Steakhouse.

Meeting space has been redesigned to benefit from the lake and Hill Country views. The 17 meeting rooms, including four ballrooms that provide 24,000 square feet for functions, can accommodate up to 350 guests.

The 4,000-square-foot Kid Zone play area has been highly colored and retooled. Two heated pools and one unheated pool can be used year round; the outdoor area has been enriched with new surfaces and water features, as well as a swim-up pool bar. Internet speed has been enhanced and rooms have been equipped with large high-definition TVs.

Photo courtesy of Lakeway Resort & Spa.

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