Northshore Tower in Austin CBD Changes Hands
- Aug 29, 2018
American Realty Advisors has acquired Northshore, a mixed-use tower in Austin, Texas. Charles Cirar, Michael Wardlaw and Colin Cannata at CBRE represented the seller, Trammell Crow Co.
Developed by High Street Residential in 2016, the 38-story Northshore tower at 110 San Antonio St. consists of 439 residential units with one-, two- and three-bedroom apartments, of which 50 are affordable, and 52,083 square feet of retail and office space.
Amenities feature a 17,000-square-foot pool deck overlooking Lady Bird Lake, ceiling fan-equipped cabanas, sun beds, multiple outdoor kitchens and a 24-hour fitness center. In addition, the property is LEED Silver certified. The property anchors the Southwest Austin CBD, the fastest-growing portion of downtown, where recently executed leases include Google, Facebook, Bank of America and Deloitte.
“This is an extremely rare opportunity to acquire a premier luxury asset of exceptionally high-quality in a rapidly expanding urban market that is poised for long-term growth,” said Austin Maddux, executive vice president & deputy portfolio manager at American Realty Advisors, in prepared remarks. “Austin’s tremendous job growth along with Northshore’s unmatched amenities will continue to drive demand, providing strong upside potential for an already stabilized asset,” added Maddux, noting that the property is nearly fully occupied, with multifamily occupancy at 97 percent and office and retail occupancy at 100 percent.
“Large blocks of contiguous office space in the CBD are scarce, as demonstrated by the large percentage of new office development that are substantially leased prior to construction completion,” added Jessica Harrison, associate director of investment group at American Realty Advisors. “This asset is extremely well positioned in the city’s central core, with easy access to the growing employment base in the CBD and close proximity to all of the cultural amenities that have made Austin the incredible live/work/play environment that it is today.”
Images courtesy of American Realty Advisors