January 04, 2019
Austin, Texas – Transwestern Development Co. (TDC®) today announces it has sold The Arnold, a 346-unit apartment community at 1621 E. Sixth St. in Austin, Texas. Invesco Real Estate, a global real estate investment manager, acquired the property, which also includes 9,450 square feet of ground-level retail space, for an undisclosed amount.
“The Arnold has been an exciting project to work on as one of the original developments to ignite the revitalization of the surrounding neighborhood,” said Ty Puckett, Development Partner at TDC. “It’s rewarding to see a project of this caliber go from industrial use to concept to completion and stabilization above forecasted rents in just four years.”
TDC broke ground on The Arnold in early 2015 with full delivery in July 2016. The community was 95 percent leased at the time of sale.
The East Side has been growing in popularity for its unique and highly attractive entertainment and dining experience. TDC first entered the area with The Arnold and the adjacent creative office building at 1645 E. Sixth St., which was sold in 2016. Since then, the firm has launched two additional multifamily projects in the immediate vicinity: Indie Apartments, consisting of 139 microunits, and Candela, a luxury community.
“Austin’s East Side has gained tremendous traction since we launched this project, attracting creative companies and residents that want an edgier cultural environment than the Central Business District,” said Josh Delk, Development Partner at TDC. “I’m proud that our projects have contributed to the dynamic and unique atmosphere that has become East Sixth, which continues to draw so many people and businesses to the area.”
Residents and visitors benefit from easy access to public transportation. The Austin MetroRail runs from the City of Leander into downtown Austin, and the Plaza Saltillo station is adjacent from The Arnold at the northwest corner of Fifth Street and Comal. The location gives easy access to the Central Business District, University of Texas and Rainey Street entertainment district.
The Arnold features a resort-style pool; activity courtyard with bocce ball court, dining area, outdoor fireplace and grilling area; roof deck with views of downtown Austin, fire pit, outdoor seating and grilling kitchen; indoor lounge with interactive cooking kitchen, televisions and business meeting areas; aqua lounge with vintage video games, televisions, catering kitchen and keg refrigerator; state-of-the-art fitness center with yoga studio, cardio equipment, free weights and classes by FX Fitness; bike storage; on-site Bike Share Austin bike station; and private storage units.
In addition to Whirlpool stainless steel appliances, each unit in the Arnold includes quartz countertops, custom wood cabinets, gourmet prep island, full-sized wash and dryer connections, bike storage and private balconies.
ABOUT TRANSWESTERN DEVELOPMENT CO.
Transwestern Development Co. is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Based in Houston, Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 33 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $64.1 billion in real estate assets under management, 491 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.