JV Obtains Equity Funding for Austin Residential High-Rise
- Jun 26, 2012
Austin, Texas—Endeavor Real Estate Group, an Austin-based commercial real estate company, and LYND, a San Antonio-based multifamily specialist, have secured equity for their mixed-use joint venture development in downtown Austin, 3 eleven Bowie. The project will be a 36-story high-rise comprised of 359 residences along with roughly 42,000 square feet of office and 3,000 feet of street level retail.
An institutional investor being advised by Dallas-based L&B Realty Advisors LLP is being providing the equity for the development, though terms weren’t disclosed. 3 eleven Bowie marks LYND’s second such development with L&B acting in an advisory capacity.
Construction is slated to begin in the third quarter of this year and will take about 24 months to complete, according to LYND. Residential units in the property will range from 427 square feet to 2,405 square feet, with the first ones delivered in the third quarter of 2014.
“The goal with the project, in addition to building rental units, is to integrate the highest level of functional amenities that will allow us to provide a variety of social settings and social opportunities,” LYND CEO Michael J. Lynd tells MHN. “In short, we’re focused on lifestyle.”
Specifically, Lynd continues, the building will include multiple different common areas for different purposes that will be popular at different times of the day. “In addition, we’re going to make sure the building reflects the texture and feel that’s unique to Austin,” he says. “This means special attention will be paid to energy and resource consumption, recycling, bike storages, landscaping, music, lifestyle and fitness.”
3 eleven Bowie will also feature a rooftop garden/dog park on the 10th floor; a rooftop sky deck, club room and fitness facility on the 31st floor; and a rooftop pool on the 36th floor. The building is being designed by Dallas-based architect HKS Inc., which also designed the Ashton, another residential highrise in downtown Austin, and which served as architect of record for the Frost Bank Tower.