High Street Residential Sells 353-Unit Multifamily Building in Austin
High Street Residential and Principal Real Estate Investors Sell 353-Unit Multifamily Building in Austin
| October 25, 2019
High Street Residential and Principal Real Estate Investors have sold Crestview Commons, a Class A four-story residential building located at 801 Sugaree Avenue in Austin’s Crestview neighborhood. Vebena Road Holdings purchased the property, which spans 276,820 square feet and includes 353 one-, two- and three-bedroom apartments.
CBRE’s Charles Cirar, Michael Wardlaw and Colin Cannata represented High Street Residential and Principal in the sale.
“Crestview Commons marked High Street Residential’s third project in the Crestview neighborhood – and this is one that we are very proud of,” said Adam Nims, a managing director for High Street Residential. “We were able to stabilize the property this summer because of the demand for high-end rental apartment units in this transit-oriented neighborhood. Crestview’s proximity to downtown, coupled with the property’s extensive amenity package and competitive rental rates, makes this a highly sought-after property that will continue to attract residents to the neighborhood.”
Units at Crestview Commons range in size from 642 to 1,405 square feet. Indoor common amenities include a conference room, a resident lounge, an entertaining kitchen, a top-floor indoor and outdoor clubroom with views of downtown, Wi-Fi throughout the common areas and a well-equipped fitness center. Outside, there are three courtyards: one providing space for residents to exercise and do yoga, a courtyard intended for relaxation, and a courtyard that includes a resort-style pool area with water features, fire pits and grills.
Crestview Commons is well-positioned for easy access to the greater Austin area. The community is located adjacent to Capmetro’s Crestview Station providing convenient mass transit access to the entire region, and has quick and convenient vehicular access to downtown on N. Lamar Blvd., US-183, Interstate 35, US-290 and MoPac.
The project architect was JHP Architecture and Andres Construction served as general contractor while under development.
High Street Residential and Principal Real Estate Investors broke ground on the fourth phase of Crestview Commons during the second quarter of 2019. Construction for this final phase of development is on schedule to deliver in spring 2020. Phase IV is a five-story residential building comprised of 226 units, including efficiency, one-, two-, and three-bedroom units.
About High Street Residential High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. In the last 15 years, the firm has completed over $1.3 billion in projects with a current pipeline of nearly 3,500 units.
About Principal Real Estate Investors Principal Real Estate Investors manages or sub-advises $82.9 billion in commercial real estate assets (as of June 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.