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Brohn Homes Announces New Homes in Austin’s Pflugerville24 Jan 2014, 9:05 pm
By Anca Gagiuc, Associate Editor
Brohn Homes, a family operated and owned business with focus on custom home building, has announced the start of construction in Pflugerville’s established neighborhood The Commons at Rowe Lane. Prices start in the $220,000s.
The community is only 25 minutes from Downtown Austin with easy access to I-35 and Highways 130 and 45. The nearby Stone Hill Town Center, La Frontera, and Round Rock Premium outlets are just a few of the shopping options, at the same time convenient to major employers such as Dell, Apple, Samsung and National Instruments. For recreation the community offers miles of hike and bike trails, and the nearness of the beautiful Lake Pflugerville. A large community center and a swimming pool are part of the community’s amenities.
The Commons at Rowe Lane offer floor plans that range in size from 1,793 square feet to 3,490 square feet. The future owners can choose from nine available floor plans that feature three to five bedrooms, two to four baths, and multiple living areas, displayed on one or two story elevation. Flexible outdoor living spaces are available in many of the plans. The warm New French Country Style homes feature gourmet kitchens with stainless steel appliances, wood burning fireplaces and mahogany front doors.
Pflugerville has been named one of the 50 best places to live in America for the last two years by Money Magazine due to strong job opportunities, great schools, low crime, quality health care, and various recreational activities.
“All the advantages cited by Money Magazine are the very reasons we chose to build in new homes for sale in Pflugerville at The Commons at Rowe Lane,” says Aaron Boenig, owner and managing member of Brohn Homes. “It’s a beautiful community located close to I-35, Highways 130 and 45, major employers, and Lake Pflugerville recreation. Everything a family needs is minutes from their front door.”
Photo courtesy of Brohn Homes.
HID Global Opened New World Headquarters and North American Operations Center20 Jan 2014, 7:09 am
By Anca Gagiuc, Associate Editor
HID Global recently announced the opening of its new world headquarters and North American operations center at 611 Center Ridge Drive in North Austin’s Tech Ridge area. The state-of-the-art complex is expected to be fully operational by the third quarter of 2015.
“HID’s decision to move their worldwide headquarters to Texas is proof positive that our focus on low taxes, smart regulations, fair courts and a skilled workforce helps create jobs and strengthen our economy,” Texas Governor Rick Perry said in the company’s press release. “I’m pleased HID has chosen to call Texas home, and look forward to their continued success in the Lone Star State.”
The expansive project is managed by a team of Austin- and Houston-based firms, including Harvey Cleary Builders, Austin’s commercial real estate developer Live Oak-Gottesman, and a commercial general contractor from Houston. The plant cost $35 million, and the whole project investment is of $50 million. The facility pursues the goal of earning LEED certification. Studio 8 Architects from Austin took responsibility for the overall design, in collaboration with engineering consulting and design service partners Bury, Endeavor Real Estate Group LLC, and Carrillo Dean Landscape Architecture (CDLA).
The plans for the campus were announced in 2012 and works have been completed ahead of schedule. By 2015, 400 people are expected to be employed at HID’s new World Headquarters and North American Operations Center. The project is spread on 22 acres and encompasses 250,000 square feet of manufacturing, office and warehouse space. It has been designed to support future expansion. The development will include the consolidation of the company’s corporate functions, manufacturing, assembly and test operations, distribution, and sales operations.
Photo courtesy of HID Global.
Brandywine Realty Trust Buys Austin’s Four Points Centre28 Dec 2013, 12:30 am
By Adrian Maties, Associate Editor
Brandywine Realty Trust recently paid $47.3 million to buy Four Points Centre and related land parcels in Austin. The acquisition was announced on December 20. At the same time, Brandywine, one of the largest, publicly traded, full-service, integrated real estate companies in the United States, also announced it purchased the remaining common ownership interest in One and Two Commerce Square, in Philadelphia’s Central Business District, for $331.8 million.
Four Points Centre consists of two LEED-Gold buildings constructed in 2008 and located in Austin’s Northwest submarket. Both buildings are three stories tall and offer a total of 192,396 square feet of space. They are currently 100 percent leased. According to Brandywine, Four Points Centre is valued at $41.5 million, or $214 per square foot.
The Radnor, Pennsylvania-based real estate investment trust also said it paid $5.8 million for the land parcels. Up to 480,000 square feet of additional office space can be constructed on them. Brandywine funded the acquisition of the land parcels and the Four Points Centre with available corporate funds.
“We are delighted to complete the Commerce Square and Four Points Centre transactions and congratulate the Parkway and Thomas teams on the closing of their transaction,” says Gerard H. Sweeney, president and CEO of Brandywine Realty Trust. “The acquisition of Four Points Centre and the land parcels further expands our operating platform and provides a quality addition to our Austin portfolio at an attractive price along with a value-add development opportunity.”
According to a Marcus&Millichap Market Report for Q3 2013 demand for office properties in the Greater Austin area is high. The median sales price reached $200 per square foot, a sizable uptick from last year’s $170 per square foot price. Office vacancies in the metro area are going down, expected to reach 12 percent at the end of 2013. Over the past 12 months, the average asking rent for local office space increased 4.9 percent to $26.30 per square foot. Rents are expected to end the year at $26.50 per square foot.
Photo credits: Brandywine Realty Trust
Charts courtesy of Marcus&Millichap.
Las Colinas Apartments Sold Through ARA13 Dec 2013, 10:04 pm
By Anca Gagiuc, Associate Editor
The apartment community located at 1500 Reagan Hill Dr. in northeast Austin has again switched owners. The last time the property was on the market was in 2012 when it was acquired by San Diego-based Quez Capital.
The seller was represented by Atlanta-based ARA, the nation’s largest privately held, full-service investment advisory brokerage firm, through Principal Andrew Shih and Broker Matt Pohl from the Austin office. The buyer is a private Minnesota entity and the details of the transaction have not been disclosed. The occupancy rate at the time of sale was of 97 percent.
The garden-style community was built in the 1960’s and 1970’s and offers 178 one- and two-bedroom units. Amenities feature a playground and tree-lined interior courtyards. The renovations Quez Capital invested in during the past year include painted building exteriors, renovated clubhouse, updated courtyards, new faux-wood flooring, new appliances, and updated cabinetry in many of the units.
“Quez Capital purchased the property in 2012 and embarked on an extensive rehabilitation of the property in order to address the high level of deferred maintenance left from the prior ownership group,” Shih says.
Pohl added: “Although significant renovations were completed, Quez Capital intentionally left a number of the units ‘as-is’ to provide new ownership with the opportunity to complete the rehab of the property.”
Arc Capital Partners Acquires The Establishment Apartment Community in Austin9 Dec 2013, 7:10 pm
By Anca Gagiuc, Associate Editor
On November 22, 2013, the Los Angeles-based boutique commercial real estate platform Arc Capital Partners, formed by industry veterans Quincy Allen and Neville Rhone, entered into a joint venture with Cardinal Group Investments (CGI) to acquire an apartment community located in the South Congress submarket of Austin. The Establishment is a 139-unit residential complex located at 3501 South 1st St., only 10 minutes from downtown Austin.
“We are pleased to partner with Arc Capital Partners, and to help bring affordable, high-quality rental housing to such a vibrant community in Austin,” says Jason Luker with Cardinal Group Investments. “Neville has a strong track record of success in the Austin market, and his existing relationships and ability to move quickly were instrumental in closing on the acquisition of The Establishment.”
The acquisition was performed through an off-market transaction and the details have not been disclosed. In the upcoming months, the community will go through a series of enhancements, renovations and a rebranding process, joining CGI’s successful multifamily platform Mint Urban™. The Establishment offers one- and two-bedroom units and the community amenities include a barbeque/picnic area, pool, courtyard, clothes care center with credit card reload, and dedicated car2go parking.
“As investors in Austin for over a decade, we immediately recognized this as an opportunity to generate an attractive risk-adjusted return in a market with a growing population and employment base,” says Neville Rhone, Managing Partner of Arc Capital Partners. “We are very excited to partner with Cardinal Group Investments in our first investment since forming Arc Capital Partners. They have a demonstrated commitment to quality with the Mint Urban brand and are focused on improving the resident experience on the property.”
Photo courtesy of Mint Urban Apartments | Establishment