Author: Sarah

Newmark Announces Sale of 240-Unit Trailside Multifamily in San Antonio

Posted on by Sarah

San Antonio, TX (November 22, 2022) — Newmark announces the sale of Trailside, a 240-unit multifamily community at 8120 Mainland Drive in northwest San Antonio, Texas. Newmark’s Senior Managing Directors Jim Young and Matt Michelson and Director Chase Easley represented the undisclosed seller in the sale to a joint venture between Cottonwood Management, LLC, a private equity real estate investment firm, and Dallas-based Texsun Holdings (Texsun).

“Trailside presented investors with a compelling value-add investment opportunity in the fast-growing northwest submarket of San Antonio,” said Young. “All parties worked diligently to complete this off-market transaction, and Texsun is primed to capitalize on an outstanding acquisition.”

The asset, which was 94 percent occupied at the time of sale, features one- and two-bedroom units ranging in size from 662 square feet to 982 square feet. Residences come equipped with all-electric kitchens, breakfast bars, pantries, walk-in closets, ample storage and balconies or patio spaces. Various on-site amenities include a business center, a clubhouse, a state-of-the-art fitness center, a pool and a dedicated picnic area featuring gas grill stations.

Located in the heart of San Antonio, Trailside benefits from ample entertainment and dining within walking distance, convenient access to a variety of nearby public parks and proximity to major freeways, like I-410, and the nearby San Antonio International Airport.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, startups to blue-chip companies. Combining the platform’s global reach with market intelligence in established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

$39.7M Refinancing Secured for Office Complex Overlooking Lake Austin

Posted on by Sarah

JLL Capital Markets has arranged a $39.7 million refinancing for Bridgepoint Plaza I and II, a two-building office complex totaling 178,061 square feet in Austin, Texas.

JLL worked on behalf of the sponsor, Spire Real Estate Partners, LLC, an affiliate of Spire Realty Group, LP, to secure the two-year loan through Argentic. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Wally Reid and Director Jayme Nelson.

Bridgepoint Plaza I and II is located on an 8.78-acre site at 5918 Courtyard Drive just NW of Loop 360 and West Courtyard Road The property is positioned on the bluffs above Pennybacker Bridge providing exceptional views of Lake Austin and proximity to some of the premier residential neighborhoods in West Austin, including the under construction Four Seasons Lake Austin Private Residences. Additionally, the property is surrounded by a plentiful amenity base, including the Arboretum and the Domain.

Overall, Bridgepoint Plaza I and II is 78% leased to a diverse tenant roster. The buildings are highly amenitized with a fitness center, rooftop basketball court and pickleball court, new outdoor seating area, a conference center and structure parking for 580 vehicles.

United Properties Breaks Ground on Shelby Ranch

Posted on by Sarah

New Residential Development in South Austin

United Properties announced today the groundbreaking of Shelby Ranch, a new residential development project in South Austin. Located in a residential area at 2212 Lynnbrook Drive, the project will include two four-story buildings on eight acres of land and is designed to embrace outdoor living through its on-site amenities and easy access to natural areas for recreation.

Located on the former property of an automobile enthusiast named Wilson “Larkin” Miller, the name Shelby is a nod to Miller’s upbringing in Shelby County, Texas, and to Ford’s Mustang Shelby, an American classic built in the 1960s. The project incorporates local salvaged materials in recognition of the site’s history and includes farm features.

Unexpected Outdoor Amenities
At the heart of the development is a one-acre courtyard that includes an open-air performance stage, pool and rustic-modern clubhouse. There will be a chicken coop for collecting eggs, honey-producing beehives, and raised garden beds for residents to grow their own vegetables and herbs.

In addition to edible gardens, and lemon- and lime-producing trees, the outdoor area is on track to be a Certified Wildlife Habitat by the National Wildlife Federation. There are rain gardens to manage stormwater, and native plants are incorporated into the courtyard design to establish havens for birds, butterflies and other wildlife.

Airy Interiors and Creative Spaces
Shelby Ranch will include 302 studio, one-, two- and three-bedroom residences. Apartments will have high ceilings, large windows and private balconies that create a light-filled, airy atmosphere. Other interior features include modern kitchens with two-tone cabinets and quartz countertops, energy-efficient stainless steel appliances and wood-style floors.

The development has a workshop/makerspace for craft and hobby projects, a fitness center with a separate room for yoga and indoor cycling, a co-working space with a conference room and private work areas, an indoor/outdoor resident lounge with a bar, kitchen and fireplace, and a large dog park and pet spa.

At Home in South Austin
Surrounded by South Austin’s booming dining and drinking scene, Shelby Ranch’s open-air living is designed to fit with the casual, outdoor-oriented atmosphere of the neighborhood where there are lots of outdoor bars, coffee shops and restaurants within walking distance.

The development is equally close to natural areas like Bauerle Ranch Park, which has seven miles of trails for mountain biking, hiking and dog walking, and easy access to many more miles of mountain biking trails via Slaughter Creek.

Shelby Ranch was designed by Belshaw Mulholland Architects, with interior design by Keaton Interiors and landscape architecture by TBG Partners. Construction on the project is anticipated to be complete by late 2024.

The project is United Properties’ second multifamily residential project to break ground in Austin. Bishop Momo, a new residential and retail development located in the St. Elmo district, broke ground earlier this year.

A Bit of Cheer: Holiday Travelers Returning to Hotels This Year

Posted on by Sarah

Another sign that the hotel industry is on the mend? The number of holiday travelers this year who plan to stay in hotels is on the rise, according to the Hotel Booking Index Survey from the American Hotel & Lodging Association.

The survey, conducted by Morning Consult, also says that hotels are cited as the top lodging choice among those who say they are certain to travel for leisure in the next three months.

The lodging association’s Hotel Booking Index (HBI) is a new composite score gauging the short-term outlook for the hotel industry. The 1-through-10 score is based on a weighted average of survey respondents’ travel likelihood in the next three months (50%), household financial security (30%) and a preference to stay in hotels for travel (20%). Based on the results of the survey, the AHLA Hotel Booking Index for the next three months is 7.1, or very good.

The survey found that the share of those who plan to stay in hotels during their holiday travels this season is on the rise. According to the results, 31% of Thanksgiving travelers plan to stay in a hotel during their trip, compared to the 22% who planned to do so last year. A total of 28% of Christmas travelers plan to stay in a hotel during their trip, compared to 23% who planned to do so last year. Among those absolutely certain to travel for leisure in the next three months, 54% say that they plan to stay in a hotel, according to the survey.

The survey didn’t bring only holiday cheer, however. The lodging association reported that overall holiday travel levels will likely remain flat, with 28% of Americans reporting they are likely to travel for Thanksgiving and 31% likely to travel for Christmas this year – compared to 29% and 33%, respectively, in 2021.

The survey also found that concerns about COVID-19 are fading among travelers but are being replaced by economic challenges like inflation and high gas prices. The survey found that 85% percent of respondents reported that gas prices and inflation are factors they are considering when deciding whether to travel during the next three months. That compares to 70% who said the same about COVID-19 infection rates.

The survey of 4,000 adults was conducted Oct. 14-16. Other key findings:

59% of adults whose jobs involve travel said they are likely to travel for business in the next three months, with 49% among them planning to stay in a hotel during their trip. In 2021, 55% of adults whose jobs involve travel said they were likely to travel for business during the holiday season.
64% of Americans would be concerned about delays or cancellations if they traveled by plane right now, with 66% of these respondents reporting a lower chance of flying this holiday season as a result.
61% of Americans say they are likely to take more leisure/vacation trips in 2023 than they did this year.
58% of Americans are likely to attend more indoor gatherings, events or meetings in 2023 than they did this year.
66% of Thanksgiving travelers and 60% of Christmas travelers plan to drive to their destinations, compared to 24% and 30%, respectively, who plan to fly.
“This survey bolsters our optimism for hotels’ near-term outlook for a number of reasons,” said AHLA president and chief executive officer Chip Rogers, in a statement. “The share of holiday travelers planning hotel stays is rising, plans for business travel are on the upswing and hotels are the number-one lodging choice for those certain to travel for leisure in the near future. This is great news for our industry as well as current and prospective hotel employees, who are enjoying more and better career opportunities than ever before.”