Newmark Brokers Sale of 316-Unit Estates at Bee Cave Development in Austin

Newmark has announced the sale of Estates at Bee Cave, a 316-unit luxury multifamily asset in suburban Austin. The property is located at 3544 South FM 620 Road in Texas’ Hill Country. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Internacional, in the sale to the buyer, an affiliate of Abacus Capital Group for an undisclosed price. Newmark has represented the sale of the property twice in five years.

“Estates at Bee Cave presented investors with a rare opportunity to invest in the highly-desired West Austin submarket that is benefiting from exceptional fundamentals. The cost of single-family housing continues to skyrocket in Austin, and more renters are seeking highly amenitized, luxury apartment communities, particularly in the Bee Cave/Lake Travis area. Additionally, Estates at Bee Cave is one of eight multifamily communities (+100 units) zoned to Lake Travis ISD. The asset is an excellent addition to Abacus’ expanding Central Texas portfolio,” said Jones.

Community amenities at the property include a resort-class pool with covered grilling area and outdoor cooking stations; a beverage bar; WiFi in all common areas; a state-of-the-art fitness center; and a clubhouse including a game room, cyber lounge, demonstration kitchen, and a resident conference center and business center.

The community benefits from immediate access to major employment nodes, outdoor recreation and high-end retail. The property is one mile from the Hill Country Galleria, a 1.3 million square foot lifestyle center, and twelve miles west of downtown Austin, with an employment base of over 105,000. Nearby employment opportunities attract a high-earning and talented resident base seeking a high-quality living option at a discount to homeownership. Texas Hill Country offers ample recreational opportunities including golf clubs, Lake Travis, and miles of hiking and biking trails.

Estates at Bee Cave is located in the high barrier-to-entry West submarket, with only one multifamily property proposed or under construction within a five-mile radius of the property, according to Newmark Research.

VLK Contributes Over 59 Campuses Opening for the 2021-22 School Year

(Fort Worth, Texas) – With great success, VLK Architects is proud to announce the completion of over 59 Texas public school campuses for the 2021-22 school year. Utilizing the many tools in their repertoire, VLK has designed over 6.6 million SF in new construction, additions, and renovations, ensuring that each campus is ready for teachers and students to begin a successful school year.

“It has been a year full of new opportunities and challenges in how we design our work and serve our clients,” said Sloan Harris, CEO | Partner of VLK Architects. “To be able to deliver this magnitude of projects in this school year is truly something we, our consultants, our construction partners, and most importantly our school district partners should all be very proud of. We cannot thank our clients enough for the trust they place in us to deliver for them and the communities they serve.”

VLK’s notable openings this year include Birdville ISD’s Cheney Hills Elementary School, Crowley ISD’s Bill R. Johnson CTE Center, Denton ISD’s Strickland Middle School, Fort Worth ISD’s Eastern Hills High School, Katy ISD’s Gerald D. Young Agricultural Sciences Center, and Sherman ISD’s Sherman High School.

Birdville ISD – Cheney Hills Elementary School

Bond of 2018 resulted in the replacement of Major Cheney and Richland Elementary with one brand new school, Cheney Hills Elementary. The location of the new campus is between the existing two schools, and it includes all programs comparable to Birdville ISD’s newest elementary schools. The design provides a new safe and supportive facility for 750 students from Pre-K through 5th grade. In addition, it incorporates next-generation learning and collaborative environments for both students and teachers.

“VLK is honored to be a part of the Birdville ISD team and opening this new ‘partner’ elementary school for the district,” said John Klein, Principal of VLK Architects. “It is exciting to be a part of combining two individual campuses into one new state-of-the-art campus to welcome the next generation of learners.”

Crowley ISD – Bill R. Johnson CTE Center

The new 210,000 SF CTE campus embraces sustainable design, including a geothermal HVAC system, energy-effective cool roof, solar panels, and xeriscape site design. In addition, the new facility hosts over 12 career and technical programs of study for students from both district high schools and the collegiate academy and dual credit courses. One of the career and technical programs highlights is the culinary arts courses that teach students the planning, directing, and coordinating activities of a food and beverage organization with the hospitality industry. This program is conducted in a 4,000 SF culinary arts suite, including a 1,600 SF culinary arts lab/commercial kitchen, cooler/freezer, pantry, laundry, office, classroom, and bistro.

Project partners, Steele & Freeman, Inc., recently announced Bill R. Johnson CTE won the state-level Outstanding Construction Award from the AGC Texas Building Branch for the Educational Facilities 3 (Over $30 M) category. After winning first place in the TEXO, The Construction Association Distinguished Building Awards, this project was eligible for the award.

“Our mission in Crowley ISD is to make sure that every student that walks through our doors has the opportunity to achieve their full potential,” said Dr. Michael McFarland, Superintendent of Schools for Crowley ISD. “Here’s the key: when they leave our schools, they will have more than just a high school diploma.”

Denton ISD – Strickland Middle School

The Strickland Middle School project includes additions and renovations to modernize the 60-year-old beloved legacy campus. The new design incorporates next-generation learning features which align with Denton ISD’s current curriculum concepts and state-of-the-art technology. The new two-story seventh- and eighth-grade wing features small and large collaboration spaces and a storm shelter and science labs. The sixth-grade wing incorporates similar collaboration features and includes an ESL hub, a controlled front entry embedded into a right-sized administrative addition, and a two-story library/media center located in the heart of the current campus. The new library/media center was created by removing the first floor above the basement and raising the roof to introduce clerestory windows allowing abundant natural light into the space.

“The professionals from VLK were able to capture the tradition and culture of Strickland Middle School by transforming an aging facility into a state-of-the-art, highly engaging, learning environment. The finished product is not only a sense of pride in our community but also a feeling of ownership by our students,” said Dr. Jamie Wilson, Superintendent of Denton ISD.

Fort Worth ISD – Eastern Hills High School

Developed through VLK | LAUNCH®, the additions and renovations to Eastern Hills High School will transform the learning experience for the students within. The upgrades include the main building and gym locker rooms with a 44,645 SF addition, a new secured main entry, and a renovated stair tower at the existing east end. In addition, this project includes renovated administration and cafeteria spaces, expanded art rooms, an entirely new library and classroom wing, a new Collegiate Academy, and expanded music program spaces. Additional upgrades throughout the campus include updated restrooms, collaboration areas, and improved handicap accessibility.

“VLK Architects values our partnership with Fort Worth ISD and appreciate the opportunity to collaborate with educators that have such a passion for giving young learners opportunities to grow and learn,” said Lauren Brown, AIA, NCARB, Principal of VLK Architects. “Fort Worth ISD does a phenomenal job focusing on the community and this facility is a symbol of their commitment to educating young learners. The spaces throughout the campus have been transformed with a finish refresh, technology and programmed spaces to meet the current curricular needs of the students in the district.”

Katy ISD – Gerald D. Young Agricultural Science Center

The Gerald D. Young Agricultural Science center provides ample space for student exhibitions, expanded parking, and future space requirements. It also allows students to extend their learning by engaging in hands-on, project-based learning that puts theory into practice with environmental science and biology subjects. These facilities incorporated within this phase include a multi-purpose outdoor covered arena, a multi-purpose show arena, an enclosed pavilion for temporary housing of animals, and a student project center. The facility design incorporates sustainable, high-performance concepts of the “Collaborative for High-Performance Schools” (CHPS) program. The facilities use increased natural light, improve indoor air quality, incorporate sustainable materials to enhance the educational environment, and provide a maintenance-friendly facility for Katy ISD.

“The collaborative approach to projects by VLK sets them apart from other firms. Their past success in completing comprehensive total building renovations during the short eight-week summer break is a prime example of their skills,” said Lisa Kassman, Executive Director of Facilities, Planning, and Construction of Katy ISD. “VLK is able to incorporate the physical needs of the facility, the sensitivity of campus needs, and district programming along with exceptional design and scheduling. Our contractors, as well as district staff, rate their performance very highly.”

Sherman ISD – Sherman High School

As the district’s only comprehensive high school, the new Sherman High School campus includes core academic spaces, indoor and outdoor athletics, fine arts, and many Career and Technology shops and labs. Over the summer of 2017, the Building Bearcats committee of parents, teachers, business, and community leaders gathered to establish the facility needs of Sherman ISD. They set a course of action, asking the Board of Trustees to vote for projects, including constructing a new Sherman High School on a new 97-acre site replacing the current SHS (built in 1950). This new campus expands students’ opportunities, room for growing enrollment, and numerous safety and security improvements.

“VLK Architects delivered a first-class, state-of-the-art high school in Sherman ISD. Their intentional design reflects our priorities of learning through collaboration, honoring community history and school traditions, expanding our academic, arts, athletics, and technical programs, and creating classroom spaces where learning and achievement are of primary importance and highly visible to everyone who comes to the school,” said Dr. David Hicks, Superintendent of Sherman ISD.

Below is a listing of Texas School Districts that VLK Architects partnered with to open facilities for the 2021-22 school year:

Aledo ISD, Azle ISD, Beeville ISD, Birdville ISD, Brazosport ISD, Carrollton-Farmers Branch ISD, Clear Creek ISD, College Station ISD, Columbus ISD
Crowley ISD, Cypress-Fairbanks ISD, Denton ISD, Eagle Mountain-Saginaw ISD, Fort Bend ISD, Fort Worth ISD, Grandview ISD, Hutto ISD, Iowa Park CISD, Judson ISD, Katy ISD, Keller ISD, Lake Dallas ISD, Lamar CISD, Plano ISD, Round Rock ISD, Sherman ISD, Waller ISD

About VLK Architects:
With offices throughout Texas, VLK Architects provides architecture, planning, and interior design services to automotive, K-12, higher education, corporate, and institutional clients throughout Texas. For more information, please visit our website: //www.vlkarchitects.com or contact 817-344-0344 or tbartley@vlkarchitects.com.

Newmark Announces Sale of 200-Unit Multifamily Property Adjacent to Austin, Texas’ ‘Second Downtown’

Austin, TX (Sept. 28, 2021) — Newmark announces the sale of Northstar Apartments, a 200-unit, value-add multifamily property located at 12001 Metric Boulevard in Austin, Texas. The property’s rare infill location is on the doorstep of The Domain, Austin’s “second downtown” and is minutes from Apple’s $1 billion campus currently under construction.

Newmark Senior Managing Director Jim Young represented the seller, Houston-based privately held real estate investment firm Nitya Capital, in the sale to buyer, Langdon Street Capital, a value-add acquisition and development real estate company based in Beverly Hills, California. The property sold for an undisclosed price.

“This is our third multifamily acquisition in the past 12 months and we’re closing in on 600 units. We’ve already invested close to $100 million in Austin and we plan on continuing to build our portfolio in a market that we believe has exponential growth,” said Matt Steinberg, Director of Acquisitions of Langdon Street Capital.

Built in 1986, the property features ample community lifestyle amenities including a pool with sundeck, covered pergola with a grill, outdoor fire pit, 24-hour fitness studio, modern clubhouse with kitchen and lounge, and dog park. Unit finishes and amenities include granite countertops, glass backsplashes, stainless steel or black appliance packages, built-in bookshelves, fireplaces, oversized patios/balconies and storage. Northstar Apartments is located minutes from major tech employers such as Apple, Dell, IBM, Microsoft, Facebook, Amazon and VRBO.

“The property’s location proximate to Austin’s tech employment cluster made it attractive to investors and will continue to position the asset as a competitive residential option for the always-growing Austin workforce,” said Young.

According to Newmark’s 2Q21 U.S. Multifamily Capital Markets report, over the past 12 months, Austin experienced an influx of year-over-year sales volume which exceeded 45% annualized growth. At the end of the second quarter, Austin had recorded $5.7 billion in sales volume over the course of the previous 12 months.

About Nitya Capital

Nitya Capital, based in Houston, Texas, is a privately held real estate investment firm that owns and manages approximately $2 billion in real estate assets across the U.S. Nitya is focused on the acquisition and management of multifamily, new development, and commercial office and retail assets. Since its inception, Nitya has acquired 20,000+ multifamily units and 1,842 beds (627 units) of Class A student housing, 1 million square feet of commercial office, hundreds of single-family homes, and 300,000 square feet of retail/mixed-use.

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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.

Press Contact: Lizzy Mahan t 303-260-4437 lizzy.mahan@nmrk.com

JLL Capital Markets Complete Sale of Fully Leased Shopping Center in Austin

JLL Capital Markets announced today that it has closed the sale of Springdale Shopping Center, a fully leased, 163,145-square-foot retail center anchored by H-E-B in the northeast part of Austin, Texas.

JLL marketed the property on behalf of the seller, Forge Capital Partners. EDENS purchased the asset.

Springdale Shopping Center is anchored by a high-performing H-E-B, which is established as Texas’ pre-eminent grocer. The center is also home to a diverse tenant mix, including Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. These national tenants have a long-standing history at Springdale Shopping Center, and many having below-market rents, offering future rent growth opportunities.

Situated on 12.58 acres at 7112-7210 Ed Bluestein Blvd. Springdale Shopping Center houses the H-E-B location that is the furthest east in Austin, allowing the center to pull from an extended trade area that houses 87,339 residents within a three-mile radius with an average annual household income of $73,137 – a 53 percent increase from five years ago. This area has exploded in recent years, with 22 percent population growth since 2010 and even more anticipated over the next five years.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan Shore, Senior Director Clint Coe and Analysts Erin Lazarus and Zach Riebe.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.