Pioneering Property Changes Hands in Central Austin
- Feb 14, 2015
Austin’s first transit-oriented mixed-use development is under new ownership. On Feb. 11th, MIG Real Estate L.L.C. announced its acquisition of Midtown Commons at Crestview Station. The asset is the fourth in the city and eighth in Texas for Newport Beach, Calif.-based MIG.
Completed in 2009 by Trammel Crow Co., Midtown Commons encompasses 562 multifamily units and 58,883 square feet of commercial space in Central Austin. Located adjacent to the Crestview MetroRail Station at 810 W. St. John’s Ave., the complex consists of five buildings of two, three, and four stories, plus three parking structures.
The residential portion offers studio, one- and two-bedroom units featuring stainless steel appliances, granite countertops, and faux wood flooring. Community amenities include two resort-style swimming pools, pool courtyards with fire pits and outdoor kitchens, two fitness centers, a yoga studio, a dog park, community vegetable/herb garden. The complex’s clubhouse has a business center, pool table and kitchen for entertaining.
Midtown Commons’ commercial component comprises a pair of two-story buildings with office and ground-floor retail. The retail space is leased to tenants such as Midtown Grocery & Café, Black Star Co-op Pub & Brewery, Fuzzy’s Tacos, Subway, Modo Yoga, and Fat Cat Desserts.
MIG Real Estate was represented by Charles Cirar, Ryan Reid, Michael Wardlaw, and Colin Cannata of CBRE Group Inc. Alliance Residential will manage the residential component, CBRE will manage the office/retail portion and lease the office space, and Stream Realty will lease the retail.