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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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With Goldman Sachs on board, downtown high-rise set to break ground

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Austin Proper is soon to break ground on former water treatment facility.

The 33-story Austin Proper Hotel & Residences is expected to break ground in the next few weeks after Goldman Sachs & Co. brought its hefty Wall Street weight to the table in support of the project on the site of the former Green Water Treatment Plant.

The Kor Group is close to moving dirt, the Austin American-Statesman reports. The merchant banking division of Goldman Sachs is now a capital partner, according to an Aug. 2 announcement. The Austin Proper Hotel & Residences are planned to rise 32 stories on the site of the former Green Water Treatment Plant. …Read Entire Post

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Austin, tech, and 18 hours

austin_cityOver the past decade, Austin has evolved from its ‘college town’ attitude into a dynamic metro with a dense urban core. In its new report, CBRE identifies key trends helping the Texas capital join the ranks of America’s major cities.

Office: due to robust employment growth, Austin’s office market is setting record highs in absorption and rents, while reaching new post-recession vacancy lows.

…Read Entire Post

The Bowie to accommodate Whole Foods expansion

Austin-based Whole Foods Market Inc., has pre-leased 40,000 square feet of office space at The Bowie in downtown Austin.

The Bowie, a mixed-use development currently under construction near W. 5th St. and Bowie St. across from the company’s flagship store at 525 N. Lamar Blvd., will accommodate the organic grocer’s expansion upon …Read Entire Post

REOC Austin facilitates sale of multi-family land tract in Round Rock

REOC Austin recently facilitated the sale of Arrington Ridge, a 15.956 acre tract of land located at 599 University Boulevard in Round Rock, Texas.  REOC Austin’s Kurt VanderMeulen, Senior Vice President, Commercial Property Specialist, represented the buyer, an affiliate of Greensboro, North Carolina-based Carroll Capital Investments.  Jerry Winetroub of the Jerald Winetroub Company represented the seller, Chandler Road …Read Entire Post

Austin apartment market posts envious third quarter stats

At the end of the third quarter, the Austin apartment market posted an occupancy rate of 95.75% and average rent of $1.10 per square foot.  However, the Austin Investor Interests‘ reports warns that despite the stellar numbers, an element of caution was triggered by a subtle departure from the historical norms. While the third quarter usually brings about an occupancy increase averaging 1.7%, this quarter saw only a .59% rise, on the heels of several quarters of minimal increases. This is concerning to a market that is poised to receive over 8,000 new units during the next twelve months, with an additional 8,800+ expected to start during that same time frame.

NAR Market Summary

Commercial real estate sectors, hurt by weak job growth, are offering incentives in many areas that are conducive to business expansion, according to the National Association of Realtors®.  Read the full article (NAR, 8-26-10)