Home » MHN City Pages  »  Austin  

WP HTTP Error: A valid URL was not provided.


Embrey Partners Opens Escape at Four Points in West Austin

11 Apr 2014, 9:20 pm

By Anca Gagiuc, Associate Editor

Founded in 1974, San Antonio-based Embrey Partners has developed more than 31,000 apartments and six million square feet of commercial space. Recently they’ve announced the grand opening of their latest residential project, Escape at Four Points, in west Austin, Texas.

The development is a Class A, luxury garden-style community spread on 14 acres located at 11210 FM 2222, and offers prospective residents 344 units. Located between River Place, Lakeway, and Steiner Ranch neighborhoods, the complex has superb surrounding areas with stunning hilltop views, open space, and access to Lake Travis, and it could possibly be the last multifamily project to be developed along FM 2222.

Aside from the connected, walkable retail on the edge of Austin’s urban center, Senior Managing Partner Jeff booth says that “There are great schools, great amenities and convenient access to major Austin employment centers.”

We feel very fortunate to be able to deliver a first-class, multi-family development to a truly unique site,” he adds.

Construction started in February 2013 and Embrey worked closely with the City of Austin to preserve cave features, woodlands, and drainage areas on the site.

“We made the buildings work with the land, not the other way around,” Booth says.

Furthermore, to ensure that the best water quality is returned to the environment, the company designed water quality ponds and drainage features.

Escape at Four Points offers one-, two-, and three-bedroom units ranging in square footage from 700 to 1,355 square feet in three- and four-story buildings and carriage houses with options for one- and two-car garages and surface parking. Island kitchens, granite countertops, and utility rooms are part of the upscale apartment amenities while the community amenities include multi-level, resort style pool, a state of the art fitness center, resident lounge with coffee bar, and a game room with billiards and shuffleboard.

The managing company is Embrey Management Services. The community was developed with equity partners Case Pomeroy Properties and Six Pines Realty, LLC, with financing from Frost Bank.



Hyatt Place Austin Downtown Purchased by Carey Watermark Investors for $87 Million

4 Apr 2014, 6:02 pm

By Anca Gagiuc, Associate Editor

Hyatt Place Austin Downtown, the 296-room upscale select-service hotel located at 211 East 3rd Street was recently acquired by non-traded REIT Carey Watermark Investors. The hotel was ranked best in its category for the second year in a row by Business Travel News 2013 Hotel Chain Survey, and received the “Highest in Guest Satisfaction Among Upscale Hotel Chains” recognition by J.D. Power in 2013.

“The acquisition of the Hyatt Place Austin Downtown represented an opportunity to invest in a newly built, high quality, select-service property in one of the strongest domestic hotel markets,” says Michael Medzigian, Chief Executive Officer of CWI. “As the first newly built Hyatt-branded hotel in downtown Austin in 30 years, we believe the property is well positioned to capture market share.  Given the attractive purchase price, central Austin location and exciting growth prospects of the Austin market, we believe that the investment will be a solid cash flow-generating addition to our portfolio.”

Hyatt Place Austin Downtown is located in the heart of the “Fastest Growing City in America” (Forbes Magazine 2013), close to the Austin Convention Center, the Sixth Street entertainment district, the State Capitol building, and the University of Texas campus. Companies such as Dell, Apple, AMD, Whole Foods, Silicon Labs, and over 50 restaurants are nearby, and the Austin-Bergstrom International Airport is only 15 minutes away.

The property was built in 2013 and is comprised of 17 stories with 1,800 square feet of high-tech meeting and function place. Amenities include an indoor pool, StayFit at Hyatt fitness center, free Wi-Fi, and free public computers with remote printing throughout the hotel.

The sale price was of $87 million and $3.9 million of acquisition-related costs and minor improvements; the transaction was financed with $56.5 million of debt. White Lodging Services Corporation will continue to operate the hotel under a long term management agreement.



HFF Closes Sale of Las Cimas IV in Austin

1 Apr 2014, 3:56 pm

By Anca Gagiuc, Associate Editor

Las Cimas IV, the newest of the Las Cimas Buildings, has changed owners. Holliday Fenoglio Fowler L.P. (HFF) marketed the property on behalf of the seller, KBS Capital Advisors, and procured the buyer, Clarion Partners.

The five-story Class A office property was constructed in 2008 on a 9.65-acre site, totaling 138,000 square feet. It is located at 901 South Capital of Texas Highway, in the reputable area of West Lake Hills, about five miles west of downtown at Loop 360 and Bee Caves Road. Amenities include a two story lobby entry, 4/1,000 structured parking with covered walkway, and showers on site.

At the time of the sale, occupancy was at 93.5 percent; tenants include Wilson Sonsini Goodrich and Intersil Corporation.

HFF is a leading provider of commercial real estate and capital markets services, operating out of 22 offices nationwide. With over 30 years of experience and more than 600 industry professionals, the firm averages more than three closings per business day with transactions ranging from $1 million to over $2 billion.

Formed in 2006, KBS Capital Advisors has made investments of more than $11 billion in commercial real estate and real estate related investments. With headquarters in Newport Beach, Calif., KBS operates out of eight regional offices, and since its creation, KBS has formed five non-traded REITs.

New York-based Clarion Partners has been on the real estate investment manager for 32 years. They have over $30 billion in total assets under management and over 200 institutional investors, both domestic and international, and employees in the United States, Brazil, and the UK.

Photo courtesy of Las Cimas IV



Phase III of The Preserve at Mayfield Ranch Has Started

24 Mar 2014, 5:36 am

By Anca Gagiuc, Associate Editor

Only twenty minutes away from Downtown Austin, between the Round Rock Mayfield neighborhood, Cedar Park, and Georgetown, is a gated, master-planned community that features an urban lifestyle and modern home designs. The developers recently announced the launch of Phase III of the project.

After a successful Phase II, which is almost sold out, presales are now being accepted for the third one. Furthermore, special incentives are offered on homes in Phase III, as per David Blackburn, President of award-winning developer Blackburn Communities.

“The success of The Preserve at Mayfield Ranch is everything we could have imagined and more,” Blackburn says. “Homeowners in the first two phases love living so close to three of the top-rated small cities in the U.S., and having Austin just a 20-minute drive away. The incentives we’re offering for Phase III presales are our way of giving back and saying, ‘thank you’ for making The Preserve at Mayfield Ranch such a warm, wonderful place to live.”

The Preserve is a quiet, modern garden home community that offers seven floor plans to future residents, ranging in size from, 1297 square feet to 2,609 square feet, each with its own covered patio. Home features include granite countertops, ceramic tile, cathedral ceilings, and state-of-the-art GE appliances, customizable to individual style.

Adjacent to it there is an 800-acre regional park, including a 200-acre endangered species preserve; 11 soccer fields, tennis courts, walking and biking paths, wildflowers, and wildlife complete the recreational surroundings. Prices start in the low $200,000s.

Photo courtesy of The Preserve at Mayfield Ranch



Titan Bank Announces the Acquisition of Its Third Self Storage Property through Funding Loan

24 Mar 2014, 4:57 am

By Anca Gagiuc, Associate Editor

Titan Bank, NA announced the acquisition of a 342 unit Self Storage property in Austin through the funding of a $985,000 loan, marking its third Self Storage property. With this transaction they now own and manage approximately 1,000 self-storage units.

Titan is engaged in this asset class, continuously looking to develop referral relationships across the country within the category, as well as all “owner user” types of commercial real estate. It offers 7 to 10 business day credit decisions, provides loan proposals within 24 hours of receiving the requisite information, and an expedited closing process.

“Titan Bank provided the long term financing for the purchase of this facility by a seasoned owner operating of self-storage properties.  This acquisition added 342 units and 45,775 square feet of storage space to the borrowers business.  The borrowers secured a SBA 7A loan which is a fully amortizing, 25 year term loan, that gives them the flexibility of a lower payment compared with a standard conventional loan.  With this lower payment, the borrowers will have the ability to complete some additional improvements they have planned for the property in the near term,” says Pete O’Hern, senior vice president of Titan Bank.

Through this funding loan Titan extends its lead in the SBA, USDA, and small business lending sector. Recently, Titan Bank was awarded by the U.S. Government Small Business Administration the Rising Star Award, which recognizes it as one of the few remaining chartered banks with primary focus on loans to small companies.







Leave a Reply