Newmark Announces Sale of 156-Unit Luxury Multifamily Asset in Austin, Texas

Austin, TX (November 30, 2022) — Newmark announces the sale of Radius on Grove, a 156-unit multifamily asset located at 2301 Grove Boulevard in Austin, Texas, four miles from downtown. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Hilltop Residential, a national real estate investment company focused on acquiring and renovating underperforming multifamily properties, in the sale to the buyer, Square House Capital LLC. The property sold for an undisclosed price.

“Radius on Grove has a prime location, with outstanding fundamentals,” said Jones. “Over the past 12 months, Austin has continued to be one of the fastest growing metropolitan areas, making the multifamily asset a suitable entry-investment into the region for Square House Capital LLC, which specializes in acquiring and operating multifamily properties in high growth markets.”

“Radius on Grove is a premier asset with tremendous upside that fits our growth strategy to improve the quality of our investment portfolio and the communities we serve,” said Square House Capital LLC Founder Kindi Mann. “We were attracted to the community’s location within the Southeast Austin/Riverside submarket because of the area’s rapid growth and proximity to major employment and entertainment. This is our first investment in Austin, a city that continues to exhibit proven fundamentals—a strong job market, population growth and robust rent growth.”

Acquired by Hilltop Residential in 2018, Radius on Grove boasts contemporary renovations, resort-class amenities and condo-grade finishes. With a 98% occupancy rate at time of sale, the asset is located within minutes of major employers—Oracle headquarters, Tesla, Google and others—and is adjacent to outdoor recreation, the city’s major entertainment districts and numerous restaurants.

Ranked in the top five “Best City to Live in the U.S.” by U.S. World & News Report in April 2021, Austin has seen mass in-migration over the past five years with employment growth averaging an increase of 3.3 percent per year and thousands of jobs expected in the pipeline. Additionally, over the past 12 months in the Central Business District, submarket rental rates grew by 22.3 percent in the first quarter of 2022, according to Austin Investor Interests.

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, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both 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.

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

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

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

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.

Koontz Corp Breaks Ground on Class A Multi-Family San Antonio Apartments

Koontz Corporation’s New 300-Unit Multi-Family Apartment Community Brings Walkability to San Antonio’s Close-In Northwest Sector

SAN ANTONIO—November 16, 2022. San Antonio-based Koontz Corporation today announced construction is underway on The Savoy Apartments, a new 300-unit Class A multi-family apartment community at 12631 Vance Jackson Road on the site previously occupied by the Regal Fiesta movie theater. “We are excited to be breaking ground on this high-quality multi-family residential development,” said Koontz Corporation President and CEO Bart Koontz. “Due to The Savoy’s ideal location and ample nearby retail and restaurant choices, introducing this residential project essentially makes it the kind of mixed-use development that is in high demand and will have strong appeal for young professionals.”

Situated on 10.36 recently rezoned acres, the four-story Savoy Apartments community will offer 300 luxury one- and two-bedroom apartment residences with a myriad of on-site amenities including two swimming pools, two large courtyards, and a dog park. The development will encompass 267,000 square feet and have a 1.76 parking ratio.

The project site is at a high-traffic regional intersection near UTSA, Fiesta Texas, the South Texas Medical Center and the Fiesta Trails Shopping Center, which serves a flourishing population base and ranks as one of the area’s largest shopping destinations outside regional malls. Its national tenants include Sam’s Club, H-E-B, Walmart Supercenter, Home Depot, Marshalls, Bob Mills Furniture, La-Z-Boy and Petco. Residents will enjoy direct access to IH-10 through Fiesta Trails retail, as well as proximity to Loop 410 and Loop 1604.

Koontz Corporation, which will serve as developer and general contractor, is partnering with Garcia + Associates Architect and Pape-Dawson Engineers Inc. for the development, which is expected to be completed sometime in 2024, with the construction timeline slated for 24 months. The Savoy Apartments community will bring the total number of multi-family projects in Koontz’s portfolio to 22, for a total of 5,732 units comprising 6,005,684 square feet. In addition Koontz Corporation Announces Fiesta Trails, a New Class a Multi-Family Apartment Project in San Antonio Page 2 of 2 to multi-family, the scope of Koontz’s properties includes office, medical office, industrial/flex and retail.

“San Antonio is our home and one of the fastest-growing most exciting cities in the nation, with a flourishing, diverse economy and a rich cultural heritage,” said Koontz. “It is a wonderful place to live and work, and anytime we can enrich our city’s infrastructure by offering high-quality residential spaces, we are proud to do so.”
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About Koontz Corporation Headquartered in San Antonio, Koontz Corporation is an award-winning industry leader in the development of commercial and multi-family properties throughout the state of Texas. The company takes great pride in building projects of enduring quality and exceptional value for their clients, investors, buyers, and tenants.