Nonprofits, Vecino Group, and the Austin Housing Finance Corporation (AHFC) have teamed up to develop a $53 million affordable housing project in Austin, Texas. The Libertad Austin will feature 198 units with 50 one-, 95 two-, and 44 three-bedroom floor plans ranging from 653 to 1,052 square feet.
A 251-unit apartment complex located at 5521 Springdale Rd. in Austin, TX was recently sold. Alexan Springdale features studio, one, and two-bedroom units that average 824 square feet. Residents of the complex can enjoy a variety of amenities, such as a pool, fitness center, game room, clubhouse, and outdoor grilling and dining areas. At the time of sale, the property was 94 percent occupied. The seller, Trammell Crow Residential, was represented by Newmark in the transaction and Sterling Equities purchased the asset.
PlaceMKR has announced a 2 million-square-foot mixed-use redevelopment project in Austin, taking up a 22.5-acre site that is currently occupied by a storage facility and a former mobile home park. Named East Riverside Gateway, the seven-building development will include residential, office, retail, and restaurant spaces, with an estimated 4,000 onsite parking spaces. Of the seven buildings, four are slated to be dedicated to multifamily usage, with a total of 1,100 units. Construction is expected to begin within the next 12 months and will be conducted in phases. The project is being designed by the architecture firm Steinberg Hart.
Factory Building Stores has recently inked a full-building industrial lease agreement with Lockhart 130 Industrial Park, which is owned by Titan Development. This lease covers 167,794-square feet of space and features 32-foot tall clear heights and 37 dock doors. The industrial park is located on a 45.1-acre site and is expected to include four buildings upon completion. AQUILA Commercial represented the landlord in the negotiations, while HPI Real Estate Services & Investments represented the tenant.
Aspen Heights Partners has announced plans to convert the old HealthSouth rehabilitation hospital into a residential complex, featuring two 37-story towers located at 1215 Red River Street and 606 E. 12th Street. The development, which will provide 921 apartments in total, will feature 25% of its units set aside as affordable housing for a period of at least 99 years. This news follows the trend of increased residential development in Austin, with the Austin Business Journal reporting a steady rise in multifamily housing in the area.
Hartland Plaza, an office building with 184,128 square feet of space, has changed hands. It is located at 1717 W. 6th St. and is situated on 3.4 acres of land. The building was constructed in 1984 and features a four-story garage, a lounge, a fitness center, a salon, an onsite restaurant, and conference facilities. CIM Group brokered the sale.
The Austin-Round Rock area has had more news about office spaces recently. According to the Texas Quarterly Commercial Report and REBusiness Online, there has been a flurry of activity in the office space market.