FirstService Residential to Manage Historical Condo Asset in Austin
- Oct 29, 2019
FirstService Residential has taken management responsibilities at the Brown Building Lofts, an adaptive reuse of a 10-story building located between Congress Avenue District and the Warehouse Entertainment District in Austin, Texas. The management firm will assume the role starting on December 1.
The landmark building, located at 710 Colorado St., comprises 90 luxury condominium units that range from 625 to more than 2,000 square feet, and street level retail. In 2004, the asset was converted from offices to residences. It was built in 1938 and is listed in the National Register of Historic Places, which makes it appealing to buyers. Brown Building Lofts features high ceilings, exposed walls and concrete pillars with modern amenities that include a rooftop deck, a fitness center and garages.
In 2016, the average closing price was $414,929, or $402 per square foot. That amount represented a 2 percent increase of the 2015 average price per square foot of $394.