Category: Central/South Texas

Walker & Dunlop, Ivanhoe Cambridge Form Equity Partnership

Posted on by Sarah

The joint venture has made its first two investments in Texas and Tennessee.

Walker & Dunlop Investment Partners and Ivanhoé Cambridge, which formed a joint venture to make preferred equity investments in multifamily, student housing and manufactured housing properties, have made their first two investments totaling nearly $10 million in Texas and Tennessee.

Executives at both firms said they would be focusing primarily on properties in the top 25 MSAs, particularly in the Southeast, South and Southwest. The first transaction was an approximately $4 million preferred equity investment into a joint venture with Pegasus Real Estate to acquire Collection at Overlook, now rebranded as Cornerstone at Overlook, in San Antonio, Texas.

The 240-unit multifamily property was constructed in the 1980s and is located near a medical center in the city’s northwest section. The second transaction was a $5.6 million preferred equity investment into a joint venture with Valor Residential to acquire Overlook at Farragut, a recently delivered 267-unit multifamily property in the Farragut submarket of Knoxville, Tenn. Click to read more at www.multihousingnews.com.

KKR Agrees to Sell Riata Corporate Park in Austin, Texas

Posted on by Sarah

KKR, a leading global investment firm, today announced that KKR has agreed to sell Riata Corporate Park (“Riata”) to a global institutional investor in a deal valued at over $300 million. The transaction is anticipated to close in the coming months.

Riata Corporate Park is an eight building, 688,100 square foot, Class A office campus located in the Austin Technology Corridor in Northwest Austin, Texas. The campus is well located just minutes from The Domain, Austin’s premiere mixed-used retail and entertainment hub. The property is 100% leased and occupied by a high-quality tenant group that includes publicly traded companies along with a mix of technology, financial services and healthcare businesses.

Since purchasing Riata in December 2019 through its Americas opportunistic real estate strategy together with Endeavor Real Estate Group (“Endeavor”), KKR has substantially upgraded the property’s fitness center, café, landscaping, outdoor amenities and other features. KKR and Endeavour also completed significant deferred maintenance.

“Our long-term focus on high-quality properties in great locations within attractive growth markets led us to invest in Riata, a tech-focused office campus in one of the country’s most desirable cities,” said Roger Morales, KKR Partner and Head of Real Estate Acquisitions. “We are proud of the property and capital improvements delivered under our ownership in what has been a very successful pre-pandemic office investment. Click to read more at www.valdostadailytimes.com.

More Than 800 apartments et to Land in East Austin on Manor Road

Posted on by Sarah

A mixed-use complex featuring more than 800 apartments is in the works along Manor Road in East Austin.

Austin-based real estate developer Cumby Group announced August 24 that it plans to build three adjacent projects comprising more than 800 apartments, along with 150,000 square feet of live-work and business space. The projects will sit on nearly 9 acres between Airport Boulevard and the Mueller development.

Work is already underway on The Emma, a five-story, art-deco-style building at 3219 Manor Rd. providing 146 apartments. Amenities will include a live-work space on the ground floor and an elevated courtyard pool. The Emma is scheduled to open next summer.

Next door at 3115 Manor Rd., Cumby Group plans to build a couple of five-story, mixed-use buildings offering a total of 450 to 500 apartments. Amenities will include live-work and business space, as well as a neighborhood spot that may include food trucks, a makers market, and a farmers market. Construction is scheduled to start in the spring of 2022.

The third project, at 3303 Manor Rd., tentatively will supply about 200 apartments, along with an area for food trucks. Click to read more at www.austin.culturemap.com.