The NRP Group has broken ground and begun construction on a 318-unit, fully affordable housing community in Austin. The 4% tax credit and bond development is created in partnership with the Housing Authority of the City of Austin (HACA), resulting in an investment of over $70 million in the community.

Bridge at Estancia is located just 11 miles south of Downtown Austin at the intersection of IH-35 South and SH-45 and is situated directly across from land purchased by the Texas Children’s Hospital. The development is uniquely positioned in Estancia Hill Country, a 600-acre mixed-use, master-planned community. Once completed, the residential community will be connected to several amenities including walking trails and green space. Additionally, it will be in close proximity to large Austin employers and the rapidly growing communities of Kyle, Buda, and San Marcos.

The four-story apartment community features an assortment of one- to four-bedroom floor plans, targeting working families. Life-affirming, wraparound support services will include after-school programming, financial literacy training, English as a Second Language (ESL) assistance, health and wellness screenings, a first-time homebuyer program, and more. Apartments will be reserved for renters earning up to 60% AMI and will help fulfill the growing need for affordable housing in Travis County—a community flourishing with luxury market-rate and for-sale housing options.

According to HousingWorks Austin, a non-profit advocacy organization aiming to increase the supply of affordable housing in Austin by providing research, education, and thoughtful policy recommendations, the high cost of living has quickly outpaced the average household income. The short supply of affordable housing has created limited options for individuals and families to live and work in Austin and has only deepened the affordable housing crisis in the city. The report cites a 27% increase in monthly rent from 2020 to 2021.

Bridge at Estancia will include community amenities such as a resort-style pool, community lounge, fitness and business centers, a playground, and BBQ pits. Each residence is outfitted with granite countertops, fully equipped kitchens, LED light fixtures, and walk-in closets.

The first units of Bridge at Estancia are expected to deliver Summer 2023.

JLL Capital Markets and Titan Development have closed the sale of Titan Development’s Gateway 35 Commerce Center Building 1, a newly built 294,297-square-foot single-tenant industrial building in the Austin suburb of Georgetown, Texas, occupied by CelLink Corporation.

JLL represented the seller, Titan Development, in the sale.

Completed in June 2022, Gateway 35 Commerce Center Building 1 is a 100% climate-controlled, cross-dock building featuring 36-foot clear heights, 94 trailer stalls, 60-foot speed bays, 185-foot truck court and 220 parking spaces (0.75/1000 square feet). The building was pre-leased to CelLink, serving as a mission-critical facility for the tenant and is their first manufacturing and distribution facility in Texas. CelLink, which is based in California, manufactures the world’s largest and most electrically and thermally conductive flexible circuits.

Positioned on 20.96 acres at 2550 N IH-35 Frontage Road, the property is in North Austin at the intersection of Interstate 35 and Highway 130, two of the most vital north/south thoroughfares for the Central Texas region. As a result, the tenant can reach nearly 20 million residents within a three-hour drive. Furthermore, Gateway 35 Commerce Center Building 1 is located 35 minutes from Austin-Bergstrom International Airport and is less than 30 minutes from the market’s largest demand drivers, including Tesla Gigafactory and Samsung Taylor Plant. In addition, the area’s labor force encompasses more than 700,000 potential workers and spans 35 miles to Temple and 45 miles to Buda.

The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Trent Agnew and Dustin Volz, Directors Dom Espinosa, Associate Josh Villarreal and Analyst Megan Babovec.

Fritz Waldvogel of Colliers Mortgage’s Minneapolis office closed a Fannie Mae loan for a repeat client for the acquisition financing of Prose Horizon in Hutto, Texas. The 336-unit market rate property was constructed in 2022 and includes 13 three-story buildings, a leasing office, pool, fully equipped fitness center, resident clubhouse, grill area, mail room, playground, and dog park.

The loan carries a 10-year term and was arranged for borrower, SPI Skyview North 336 DE, LLC.

CLS announces it has been awarded the management of two properties, in their continued relationship with Orion Student Housing

AUSTIN, TX — October 17, 2022. Austin-based Campus Life & Style (CLS) — one of the nation’s leading student housing property management firm, announced this week it has been awarded the management of The Cove at Coastal Carolina, a 396-bed property in Conway, SC and University Edge in Waco, TX, a 236-bed property. As of today, both properties are occupied at
98% and 99% respectively.

The Cove is located just minutes from Coastal Carolina University, a short walk from downtown Conway and a quick drive to Myrtle Beach, The Cove offers sophisticated student living that’s truly in a league of its own.

University Edge, located just minutes from Baylor University, offers sophisticated student living that’s truly in a league of its own. Within our community, residents and their friends enjoy our resort-style pool, state-of-the-art fitness center and full-size basketball and volleyball courts.

“We are proud and excited that our successful partnership has yielded more opportunities,” stated Jim Sholders, Chief Executive Officer of CLS. Mr. Sholders added, “CLS performs on its clients’ vision to exact standards without compromise, resulting in market leading occupancies and rent growth. We are excited to partner with Orion Student Housing on these additional deals to create additional real estate value for their assets as we have for ours.” Orion is a joint venture between WFI and Wills Companies focused on the student housing sector.

Collectively, CLS’s leadership has overseen the management and repositioning of approximately $12B in student housing, creating tremendous value for owners, partners, and investors. CLS manages a student housing portfolio consisting of over 28,000 beds inclusive of this latest assignment. The CLS team has built a best-in-class operating platform consisting of exceptionally talented personnel dedicated to providing residents with industry-leading customer service. CLS is the only student housing management company in the U.S. to have participated in The Forbes Travel Guide’s global training platform focused on five-star hospitality and concierge services.

CLS’ select third-party management offering provides clients with an unmatched level of attention, along with unsurpassed talent, knowledge, creativity, and standards of excellence.

“Our third-party management offering provides our clients with an unmatched level of attention, along with unsurpassed talent, knowledge, creativity, and standards of excellence”, said Elliot Tamir, Co-Founder of Vesper Holdings and Campus Life and Style.

CLS partners with every client-owner, using its own assets to bring best-in-class practices in operations, marketing, leasing and every aspect of property development and management to bear for their properties. Besides creative, out-of-the-box thinking, luxe environments and excellence in every aspect of property management, CLS provides world-class service.

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About Campus Life & Style

Founded in 2015, Campus Life & Style is Vesper Holdings’ property management subsidiary based in Austin, Texas. As one of the largest student housing operators in the industry, CLS manages a portfolio consisting of 60 communities that total over 28,000 beds. CLS’ senior leadership team features one of the most experienced and respected line-ups of student housing professionals in the United States. CLS is helmed by industry veteran Jim Sholders. Prior to joining CLS, Mr. Sholders served as a top executive at American Campus Communities (ACC) and was responsible for the overall fiscal operations, asset management, leasing, and personnel supervision of ACC’s entire owned portfolio.

For more information about Campus Life & Style, visit www.clsliving.com.

The Austin City Council approved Aspen Heights Partners’ proposal to redevelop the city-owned HealthSouth tract, a key step forward for a project that will bring 232 units of affordable housing and various other community benefits to Downtown Austin. The Austin-based developer, which will partner with Capital A Housing and The NHP Foundation on the development, has been selected to build the multi-tower, mixed-income complex after a master development agreement was approved in a Council meeting on Thursday, September 29.

Aspen Heights Partners, which has been working with Austin city officials and community stakeholders on plans for the redevelopment since 2020, enlisted Capital A Housing and The NHP Foundation for the project.

The mixed-use residential development will take up almost the entire block bounded by 12th Street, Red River, 13th Street, and Sabine Street, including all of the old HealthSouth hospital site. It will have two towers built atop a six-story podium with a 30,000-square-foot public plaza with green space, water features, an 18,000-square-foot local restaurant food-hall/business-incubator, and views of the Capitol, Waterloo Greenway, and downtown. There will also be an on-site music venue with below-market rate rents.

The residential towers will total 921 units, of which more than 25% will be affordable housing for low-income Austin families. The project also hosts an on-site childcare center provided at affordable tuition. The 232 affordable units will comprise approximately 18 of the south tower’s 27 floors, and will be developed, owned, and operated by NHP and Capital A.

The search for a developer began in November 2019, when the Council issued a Request for Proposal. In April 2020, Aspen’s proposal scored the highest among three other proposals. Bringing on Capital A Housing and the NHP Foundation to the project, and with plans for economic opportunity, sustainability, and affordable housing, the City Council approved negotiations to move forward.

While the City Council approved negotiations to proceed, they asked city staff to return when the final agreement is finished for final approval of the 99-year lease and development agreement. However, staffers expect to execute the development agreement by Spring 2023 so as not to postpone the project’s proposed delivery in Summer 2027.