AUSTIN, TX-As part of the plan to finish a stalled multifamily project just north of downtown, Archstone has formed a joint venture with Bluerock Real Estate LLC. Both Denver-based Archstone and Manhattan-based Bluerock are equity partners in the venture.
US Bank is providing debt financing for the construction and lease-up of the community, which Archstone acquired through a bankruptcy auction two months ago, according to Neil Brown, Archstone’s executive vice president of development for the Eastern US Archstone and two other firms attended the auction.
The property, which has been renamed Archstone Tech Ridge, was about 65% completed when the original developer went into bankruptcy, Brown tells GlobeSt. When finished, it will offer 256 luxury apartment units. Similar properties have a price tag of $20 million to $26 million.
“We like Austin even though it’s not one of our core markets,” Brown says. “Developers have been able to build and sell multifamily properties in the market profitably.”
Located at 305 E. Yager Ln., Archstone Tech Ridge is situated near numerous employers, as well as shopping, dining and entertainment destinations. Within the community, residents will have access to a selection of exclusive amenities including: a 24-hour fitness center with free weights and cardio equipment; a Click! Caf
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