Eastside Station Changes Hands in Off-Market Deal
- Nov 13, 2017
ARA Newmark brokered the off-market sale of a new 330-unit mid-rise luxury community located in the East Austin submarket. The asset, dubbed Eastside Station, was sold by Flournoy Development of Columbus, Ga., to Pollack Shores of Atlanta.
The property is located at 1700 East 4th St. and was completed in 2016. The two-building community is partially affordable and occupies 4.3 acres. The unit mix includes one- and two-bedroom floorplans, with 10 live-work units and 42 affordable homes. The apartments feature nine-foot ceilings, open-concept kitchens, spa-like bathrooms, private balconies/patios and walk-in closets.
Common area amenities include:
- a rooftop lounge
- resort-style pool
- two-story lifestyle fitness center
- clubroom with demonstration kitchen
- business center
Eastside Station is situated less than a mile from downtown, providing access to major employment, retail, public transportation and entertainment options. Plaza Saltillo, a mixed-use development scheduled for completion by 2019, is also nearby. The project, which is under construction on a 10-acre lot, will comprise 250,000 square feet of office, retail and restaurant space, a multifamily component as well as 1.4 acres of public park space. The medical district, featuring the new Dell Medical School and Dell Seton Medical Center, is within walking distance, as are Google and Facebook’s new downtown offices, the future site of Oracle Cloud Campus, and the University of Texas.
“It’s challenging to build in East Austin due to high costs and scarcity of land, which made Eastside Station incredibly attractive among investors looking for an urban core, luxury product,” ARA Vice Chairman Pat Jones, who represented the seller, said in prepared remarks. “The submarket is now one of city’s most distinctive areas with chef-driven restaurants, creative offices, bars and mixed-use projects in a vibrant, walkable setting that draws young professionals, tenants and investors.”
Image courtesy of ARA Newmark