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3/15/18
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A partnership controlled by Dallas-based StreetLights Residential has acquired 8.5 acres within the Austin Presidio development in northwest Austin, TX, with plans to build its second luxury multifamily community, consisting of 373 units and with an estimated project cost of more than $50 mil. The project site is located at the southwest corner of Lakeline Mall Blvd and Lyndhurst St.
Austin Presidio is a 129-acre, master-planned development with luxury apartments, hotels, restaurants, corporate offices and medical facilities at the northeast corner of Hwy 45 and North Lake Creek Pkwy. The development is owned by Diversified Real Estate Group and is fully entitled by the City of Austin for approximately 8 msf of commercial development and several thousand multifamily units.
Steve Williamson with Transwestern 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.
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 $400k.
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