Endeavor Real Estate Group and LYND Secure Equity for JV Development in Texas
Endeavor Real Estate Group, an Austin-based commercial owner/developer, and LYND, a San Antonio-based multifamily owner/developer, have secured equity for their mixed-use joint venture development, currently known as 3 eleven Bowie. The project, located in downtown Austin, is a 36-story high-rise comprised of 359 luxury rental residences along with roughly 42,000 square feet of office and 3,000 feet of street level retail. Equity is being provided by an institutional investor that is being advised by Dallas-based L&B Realty Advisors, LLP. The project marks LYND’s second such development with L&B acting in an advisory capacity. Terms were not disclosed.
3 eleven Bowie is the first joint venture between Endeavor and LYND. LYND CEO Michael J. Lynd, Jr. and Endeavor Managing Principal O. Jamil Alam struck a deal in the summer of 2011 to form a JV to develop the site that Endeavor had previously placed under contract.
“LYND and Endeavor have assembled an excellent team to design and build what we believe will be one of the finest luxury residential rental buildings in all of downtown Austin,” said Lynd. “Together, LYND, Endeavor and L&B are focused on delivering a residential experience that reflects the unique spirit, texture and culture of Austin. This is a special project with a fantastic location.”
“We believe that the Market District in downtown Austin has evolved into the premiere high-rise residential location within the city,” said Alam. “The combination of views, proximity to Whole Foods, ease of access to the hike and bike trail, and the walkability to the core of downtown make this a very special site, and we believe that 3 eleven Bowie will set the new standard for high-rise multifamily living in Austin. We elected to include two floors of boutique office space into the project and plan to move our offices into the building.”
3 eleven Bowie will feature a rooftop garden/dog park on the 10th floor: a rooftop sky deck, club room and fitness facility on the 31st floor; and a rooftop pool on the 36th floor. The building is being designed by Dallas-based architect HKS Inc. which also designed The Ashton, a residential high-rise in downtown Austin, and served as architect of record for the Frost Bank Tower.
The project is located along the future expansion of the Shoal Creek Hike & Bike Trail, at the southeast corner of 5th and Bowie Street. The corporate headquarters of Whole Foods and its flagship grocery store are located across the street from the site. Additionally, the headquarters of HomeAway, GSD&M, and Cirrus Logic, some of Austin’s most established and nationallyrecognized corporate residents are located within blocks of the property.
Construction is scheduled to begin in the 3rd quarter of this year and will take approximately 24 months to complete. First units are projected to be delivered in the 3rd quarter of 2014 with residential units ranging from 427 square feet to 2,405 square feet.
Headquartered in San Antonio, TX, with corporate offices in Miami and Denver, LYND is a family-owned, national real estate company that develops, manages, finances and invests in multifamily and commercial properties. With nearly 36,000 residential units under management in 13 states, Lynd is one of the largest multifamily management companies in the country. For more information, visit www.lyndworld.com.
Endeavor is a full-service Austin, TX based commercial real estate firm that was founded in 1999. Endeavor is active in the acquisition & development of office, retail, urban mixed-use, industrial & self-storage, and has in-house leasing, management & tenant representation services. Endeavor’s noteworthy Austin projects include the Domain Phase I (retail), the Domain Gateway (office), Southpark Meadows (retail) and 1890 Ranch (retail). Endeavor is currently developing a Whole Foods Market grocery store at Domain, and is in a joint venture with Columbus Realty to develop 543 multi-family units at Domain. For more information, visit www.endeavor-re.com.