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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.



St. Croix Capital Readies Kickoff of $90M Mixed-Use Project

16 Mar 2015, 2:08 am

By Anca Gagiuc, Associate Editor

St. Croix Capital Corp. will soon kick off a $90 million mixed-use development in southeast Austin with a 120-key Residence Inn by Marriott. Dubbed Airport Gateway, the multi-phase project will encompass hotel, industrial, and retail components about two miles west of the Austin Bergstrom International Airport.

St. Croix Capital, which has controlled the 60-acre site since 2007, plans 40 acres for industrial use and 20 acres for retail and hotels. Dallas-based Bedford Lodging L.L.C. will develop the hotel on a 3.5 acre parcel at 7119 E. Ben White Blvd.; the property will be metropolitan Austin’s sixth Residence Inn.

“We’ve been looking at Austin for some time now and monitoring the lodging fundamentals closely,” said Jeff Blackman, president of Bedford Lodging in a statement. “The growth of the Austin airport submarket and the improvements to Ben White Boulevard, as well as the strength of the Marriott reservation system will make this project successful. We like the fundamentals of Austin.”

Also planned for the initial phase are two additional hotels, three pad sites and open space, totaling 20 acres of the planned retail space. The marketing, leasing, and sales efforts will be handled by Hannah Douglas and John Elges with St. Croix Capital Realty Advisors. John Macliver with St. Croix Management Group is supervising construction preparation.



Resource Real Estate Buys M-F Asset in Austin

10 Mar 2015, 2:22 pm

By Anca Gagiuc, Associate Editor

Woodmoor Apartments, a 208-unit asset in Austin, has changed hands. A non-traded REIT sponsored by Resource Real Estate Inc., acquired the property. Terms were not disclosed.

The property comprises 16 two-story buildings totaling about 152,000 square feet. Community amenities include a swimming pool and lounge, a dog park, clubhouse, fitness center, computer stations and outdoor barbeque areas.

The new owner, Resource Real Estate Opportunity REIT Inc., intends to invest in extensive upgrades to individual units and common areas, including painting and landscaping.

Resource Real Estate turned its attention to Austin because of the city’s consistent and rapid growth. During the past decade, Austin’s population has jumped 37 percent, according to the U.S. Census Bureau, a testament to the city’s appeal to creative residents and its innovative, high-paying job market.

“We are excited to continue the expansion of RRE’s portfolio of apartments in Austin, a city that continues to attract the best and the brightest talent from around the U.S.,” Kevin Finkel, president & COO of Resource Real Estate Opportunity REIT, said in a statement. “Woodmoor is a strong example of the types of value-add properties we believe will be accretive to the REIT’s success.”

Photo courtesy of Woodmoor Apartments Facebook Page



Hamilton Zanze Picks Up Austin Asset No. 4

28 Feb 2015, 12:00 am

By Anca Gagiuc, Associate Editor

Over the past 12 months, Hamilton Zanze has invested nearly $300 million in 15 multifamily assets in the West and Southwest. In Austin, the San Francisco-based company is continuing its expansion with the acquisition of Bradford Pointe, a 264-unit complex in North Central Austin and Hamilton Zanze’s fourth asset in the local market.

Completed in 1984, Bradford Pointe is a Class B community located at 11701 Metric Blvd. That places it about two miles east of The Domain, the upscale regional retail center; less than five miles from local Apple and IBM offices; and ten miles from Google and Samsung.

Bradford Pointe offers one- and two-bedroom units featuring fireplaces, private balconies, patios and air conditioning. Community amenities include a clubhouse, fitness center, laundry facilities, swimming pool, spa, iMac computer lab, and a nearby park and dog park.

Hamilton Zanze plans a $1.9 million upgrade for Bradford Pointe and has brought in Mission Rock Residential as the new property manager.

Photos courtesy of Bradford Pointe Apartments.







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