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Transactions - OCTOBER 24, 2019

High Street Residential and Principal Real Estate Investors sell multifamily building in Austin

by Released

High Street Residential and Principal Real Estate Investors have sold Crestview Commons, a class A four-story residential building 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.

“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.

High Street Residential and Principal Real Estate Investors broke ground on the fourth phase of Crestview Commons during the second quarter 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.

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