March 13, 2018
DALLAS – Transwestern today announces the sale of 8.5 acres within the Austin Presidio development at the southwest corner of Lakeline Mall Boulevard and Lyndhurst Street in northwest Austin. The buyer, a partnership controlled by Dallas-based StreetLights Residential, plans to build its second luxury multifamily community, consisting of 373 units and with an estimated project cost of more than $50 million. Transwestern Senior Vice President Steve Williamson represented both StreetLights and the seller, Austin 129 LLC, in the transaction.
“StreetLights’ newest multifamily community at Austin Presidio will complement its first project, The Michael, a 415-unit luxury apartment community that has achieved enormous success and is now approaching full occupancy,” said Williamson. “Diversified Real Estate Group, the owner of Austin Presidio, is pleased to have a second project from one of the premier luxury apartment developers in the country.”
Austin Presidio is a 129-acre, master-planned development with luxury apartments, hotels, restaurants, corporate offices and medical facilities at the northeast corner of Highway 45 and North Lake Creek Parkway. The development is fully entitled by the City of Austin for approximately 8 million square feet of commercial development and several thousand multifamily units.
“Northwest Austin is continuing to grow, and we are excited to begin the second phase of development at the Austin Presidio,” said Doug Chestnut, StreetLights CEO. “The project’s proximity to the CapMetro Station and major highways, in addition to countless restaurants, shops, corporate offices and other local attractions, makes it the ideal location for those residents who want an active urban lifestyle in a suburban setting.”
Other projects at Austin Presidio include Towne Place Suites Hotel by Marriott, recently opened by Tharaldson Hospitality, the largest Marriott franchise hotel developer in the country. Tharaldson will also open a Hilton Garden Inn Hotel, currently under construction, by the end of the year. David Weekley Homes is developing over 200 townhomes at its Presidio Station project, with pricing for new homes averaging $400,000.
Other StreetLights multifamily projects in Austin include:
· The Michael, a 415-unit apartment and townhome community on Lyndhurst Street completed in September 2016
· The Catherine, a 300-unit, 19-story, luxury high-rise on Barton Creek Road completed in October 2015
· The Kenzie at The Domain, a 279-unit, six-story, luxury home community on Esperanza Crossing completed in August 2014
· Flatiron Domain, a 372-unit, five-story, luxury urbanist apartment community on Domain Drive
ABOUT STREETLIGHTS RESIDENTIAL
StreetLights Residential specializes in new urbanist apartment homes and mixed-use developments. With in-house development, design, and construction expertise, the StreetLights team focuses on custom luxury communities which rival the experience, lifestyle, and amenities of living in an urban boutique hotel. StreetLights has numerous urban infill projects throughout the country with more than 9,400 multifamily units completed, in progress or projected in 11 cities across six states. Since StreetLights’ inception in 2011, the company has grown to more than 150 employees in its development and construction companies and has offices in Dallas, Austin, Houston; Atlanta; Orlando, Fla.; Phoenix; and San Diego. For more information, visit www.streetlightsres.com.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the North Texas region, follow @TranswesternDLS and @TranswesternFTW.