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NYC Investor Takes 2 Office Buildings

6 Jul 2015, 3:14 pm

By Anca Gagiuc, Associate Editor

The Wells Fargo Building

Wells Fargo Building

Valor Capital Partners joins the growing roster of investors attracted to Austin’s office market. Recently, the New York City-based firm announced the acquisition of two Class B office buildings from a Dallas investor.

According to data provided by PropertyShark, Valor Capital bought the Wells Fargo Building at 2028 E. Ben White Blvd. and Centre Creek Plaza at 1812 Centre Creek Drive from Rancho Texas 20 Investments L.P. MLK Real Estate Capital handled the equity financing on behalf of the buyer. Terms of the transaction were undisclosed.

The Centre Creek Plaza

Centre Creek Plaza

The two properties offer more than 112,000 rentable square feet, and even though they are located in different submarkets–southeast and northeast–they are similar in size and vintage. Wells Fargo Building is a five-story building built in 1985 that sits on a 3.5 acre-site and encompasses about 54,867 square feet. Also completed in 1985, Centre Creek Plaza is a three-story, 57,634-square-foot building on 3.8 acres.

Valor Capital Partners plans minor renovations to both buildings and ECR will continue to manage leasing. “VCP is delighted with the closing of these two properties and we continue to focus on Austin as one of the most promising and desirable commercial office markets in the U.S.,” said Roy Bajtel, managing partner of VCP.

Image courtesy of ECR.

Texas Grabs 13 Places on Fortune’s 100 Best Workplaces for Millennials List

6 Jul 2015, 1:56 pm

By Liviu Oltean, Associate Editor

Austin Skyline

Austin Skyline

Fortune magazine and Great Place to Work recently published their first-ever ranking of the 100 Best Workplaces for Millennials. The states with the greatest number of appealing workplaces were also among the most populous: California (19), Texas (13) and New York (7). And if your walk of life has to do with IT or the financial services, insurance and real estate sector, you’re in luck, as the majority of companies on the list practice in these sectors.

So what are the Texas workplaces that have Millennials swooning? Here is the list:

  • Ryan – Professional Services, Dallas
  • Camden Property Trust – Real Estate, Houston
  • Transwestern – Real Estate, Houston
  • NuStar Energy – Transportation, San Antonio
  • David Weekley Homes – Real Estate, Houston
  • Hilcorp – Manufacturing & Production, Houston
  • Chili’s Grill and Bar – Hospitality, Dallas
  • Texas Health Resources – Health Care, Arlington
  • Encompass Home Health and Hospice –  Health Care, Dallas
  • USAA – Financial Services & Insurance, San Antonio
  • CWS Apartment Homes – Real Estate, Austin
  • Alliance Data – Advertising & Marketing, Plano
  • Cirrus Logic –  Electronics, Austin

Other real estate companies that aren’t based in Texas are on Fortune‘s list as well, such as Power Home Remodeling Group out of Chester, Pa.; Kimpton Hotels & Restaurants out of San Francisco, Calif.; and Toll Brothers out of Horsham, Pa.

In addition, one of the companies in Texas not only managed to get on the list but it secured second place. To find out which one, check out the official list here.

Image courtesy of Hequals2henry 

Coming Soon to Austin: “Surf’s Up!”

1 Jul 2015, 4:40 pm

By Anca Gagiuc, Associate Editor

NLAND Surf Park

NLand Surf Park

Improbable as it sounds, Austin is on its way to becoming a surfer’s haven. In the wake of a 15-year quest for technology that mimics a perfect break, North America’s only inland surfing destination is under construction near Austin Bergstrom International Airport.

The brainchild of Doug Coors, an engineer and dedicated surfer, NLand Surf Park is on track for a 2016 opening. The attraction, which is being created in conjunction with Spanish engineering firm Wavegarden, will be located on 113 acres (about the size of nine football fields). The project’s cost has not been disclosed.

The key to the park is Wavegarden technology, which can produce 300 distinct waves per hour that will be suitable for surfers at every level of experience. In 11 surfing areas, one-, four-, and six-foot waves will roll every 60 seconds. The park will also offer a variety of facilities and amenities around the wave lagoon.

White Construction Co., the park’s lead builder, will bring approximately 90 construction craftsmen and professionals to complete the project in eight months. The landscape architect and planner is dwg. Rider Levett Bucknall, a construction consultancy, is serving as design coordinator and project manager.

After the initial infill, NLand Surfing Park’s water usage will be completely sustainable; rainwater will replenish the water levels even during drought.

Rendering courtesy of LEVY Architects

Austin Capital Advisors Eyes Growth in N. Austin Asset

30 Jun 2015, 10:16 pm

By Anca Gagiuc, Associate Editor

Lantana Trace Apartments

Lantana Trace Apartments

Austin Capital Advisors has acquired a garden-style multi-family community in Austin’s thriving North submarket.

The property’s Austin-based sellers were 1830 W. Rundberg L.L.C. and 9315 Northgate L.L.C. Forrest Bass of Berkadia’s Austin office arranged the sale of the property, known as Lantana Trace. It was 97 percent occupied at closing.

Located at 1830 W. Rundberg Lane and 9315 Northgate Blvd., Lantana Trace comprises 112 studio, one-, and two-bedroom units. It offers easy access to Interstate 35 and is less than 20 miles from Austin Bergstrom International Airport.

Amenities include two swimming pools, laundry facilities, barbecue and picnic areas, landscaped courtyards, perimeter fencing with controlled access, and nearby public transportation. The property was previously purchased as two separate, 56-unit properties in 2012 and 2013 and subsequently combined into a single complex.

Berkadia said in a statement that Lantana Trace has below-market rental rates and offers potential for growth. Achieving that goal could get a boost from interior and exterior upgrades planned by the new owners.

Investor Likes the Terrain Near Williamson Creek

30 Jun 2015, 9:29 pm

By Anca Gagiuc, Associate Editor

Terrain Apartments

Terrain Apartments

South Austin multi-family properties continue to attract investors. One of the latest examples: Terrain, a 101-unit apartment community four miles southwest of downtown Austin.

The asset was acquired by a private buyer from Northern California. The seller, FBZ Williamson Creek, was represented by an HFF team headed by Director Matt Pohl, Senior Managing Director Sean Sorrell and senior real estate analyst Ryan McBride. Terms were undisclosed.

Terrain is located at 5112 S 1st St. and offers access to St. Edward’s University and South Austin’s recreational amenities via Interstate 35, Highway 71 and Mopac Expressway (Loop 1). The property, which was 95 percent leased at the time of the sale, was built in the 1980s and renovated most recently in 2013.

Residents can choose from one- and two-bedroom units ranging in size from 504 to 850 square feet. Amenities include swimming pool, fitness center, patios balconies, a barbecue and picnic area and on-site management.

Image courtesy of Terrain Apartments

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