Texas Real Estate Business

MAY 2016

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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26 • May 2016 • Texas Real Estate Business www.REBusinessOnline.com A U S T I N & C E N T R A L LIONSTONE–HERMES ACQUIRES UNIVERSITY PARK AUSTIN, TEXAS — Lionstone– Hermes Real Estate Venture, a joint partnership, has purchased Univer- sity Park, a Class A ofce building located in central Austin near the University of Texas. The eight-story, 206,657-square-foot building was 94 percent leased at the time of sale to tenants such as Google, WeWork, ESPN and Evernote. Launched in 2014, the primary objective of the Li- onstone–Hermes Investment Manage- ment joint venture is to invest in ofce properties in high-growth U.S. mar- kets such as Austin. HFF brokered the sale. Aquila Commercial Properties will continue to manage leasing, and Transwestern will provide property management. YATES CONSTRUCTION TO RENOVATE OFFICE BUILDING AUSTIN, TEXAS — Yates Construc- tion will serve as general contractor for interior fnishes of a multi-level lobby remodel at the One American Center building on 6th and Congress avenues. The property is located in downtown Austin near the Texas State Capitol. Pre-construction will begin immediately on the 25,000-square- foot, $4.5 million project, with con- struction slated to begin early this summer. Substantial project comple- tion is expected in January 2017. BINSWANGER BROKERS SALE OF 204,346 SF OFFICE/ FLEX BUILDING AUSTIN, TEXAS — Binswanger has arranged the sale of a 204,346-square- foot ofce-fex building located on 18.9 acres at 6800 Burleson Road in Austin. Holmes Davis of Binswanger's Dallas ofce represented the seller, DivcoW- est Real Estate Services Inc. Roger Shipp represented the buyer, Capital Commercial Investments, internally. Built in 1985 and renovated in 1995, the property was a part of the former Lockheed Martin campus near Aus- tin's-Bergstrom International Airport. CAPITAL SENIOR VENTURES BUYS 33-PROPERTY SKILLED NURSING PORTFOLIO DALLAS — Capital Senior Ventures, a subsidiary of Baltimore-based Capi- tal Funding Group, has acquired 33 skilled nursing facilities totaling 4,200 beds in south-central Texas, plus some shovel-ready development sites, for an undisclosed sum. Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major pri- vate real estate investors, advised the seller, Regency Post-Acute Health- care System, in the deal. According to IPA, the transaction is the largest seniors housing sale in Texas history. Joshua Jandris, Mark Myers, Peyton Stanforth and Charles Hilding led the Dallas-based IPA team. ECR ARRANGES SALE OF 18,732 SF OFFICE AND RETAIL CENTER DRIPPING SPRINGS, TEXAS — Eq- uitable Commercial Realty (ECR) has arranged the sale of Spring Bluf Center, a 18,732-square-foot ofce and retail property located at 400 Highway 290 in the Austin suburb of Dripping Springs. Rebecca Zigterman and Matt Levin of ECR represented the undisclosed seller, and Craig and Kristen Van Engelen of Realty Austin represented the buyer, Caissa Proper- ties, in the transaction. ASPEN HEIGHTS TOPS OUT ON 198-UNIT MULTIFAMILY COMPLEX AUSTIN, TEXAS — Aspen Heights has topped out on Rise – 8th and Nueces, a 198-unit apartment tower located at 805 Nueces St. in down- town Austin. This project will be As- pen Heights' frst non-student hous- ing development. The 22-story project will feature a rooftop infnity edge pool, deck and lounge, a rooftop dog park and a top-foor ftness center overlooking the State Capitol Build- ing. Aspen Heights worked with local frm Greenstar Development to source the land, fund the project and assist with development. Rhode:Partners is the project's architect. ODEN HUGHES SELLS TWO APARTMENT COMMUNITIES IN AUSTIN TO IMT CAPITAL AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment com- munities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management frm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark South- park community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties ofer one-, two- and three- bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an ofce in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.'s new Americas Operations Cen- ter. Aspen Heights has topped out on Rise – 8th and Nueces, a 198-unit apartment tower in downtown Austin. It is Aspen Heights' frst non-student housing development. Yates Construction will serve as general contractor for interior fnishes of a multi-level lobby remodel at the One American Center building on 6th and Congress avenues. The property is located in downtown Austin near the Texas State Capitol.

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