900 OLD KOENIG / 5916 N LAMAR

DEVELOPMENT OPPORTUNITY IN NORTH CENTRAL AUSTIN

900 OLD KOENIG LN / 5916 N LAMAR BLVD

AUSTIN, TX 78752 | REVISED 2020.06.17
 DISCLOSURE
The following information does not constitute an offer to sell an interest in either
Property or the Partnership described herein. The acquisition of an interest in the
DISCLOSURE
Partnership shall be subject to the terms of a written partnership agreement and CONTACTS
subscription agreements by prospective investors, which may be solicited and either
accepted or rejected by Manager (“Manager”). Manager expressly reserves the right,
Thomas Bercy
tbercy@bcarc.com
at its sole discretion, to reject any or all expressions of interest or offers regarding the
512.481.0092
Partnership at any time with or without notice. It is understood that (i) this information,
(ii) any offer or inquiry made by any person or entity reviewing this information, or (iii)
Calvin Chen
any negotiations or discussions among Manager or any such entity or person shall not powei@bcarc.com
be deemed to create a binding contract between Manager and such person or entity. 512.481.0092

This information has been prepared for use by a limited number of parties and does Michael Morris
not necessarily purport to provide an accurate summary of the Property or any of the michaelm@bcarc.com
documents related thereto, nor does it purport to be all-inclusive or to contain all of 512.481.0092
the information which prospective investors may need or desire. All projections have
been developed and are based upon assumptions relating to the general economy,
competition, and other factors beyond the control of Manager, and therefore are
subject to variation. No representation is made by Manager as to the accuracy or
completeness of the information contained herein, and nothing contained herein is,
or shall be relied on as, a promise or representation as to the future performance of
the Partnership. Manager and their constituent partners, officers, agents, attorneys
and employees disclaim any and all liability for representations and warranties,
expressed and implied, contained in, or for omissions from, this information or any
other written or oral communication transmitted or made available to the recipient.
This information does not constitute a representation that there has not been a change
in the business or affairs of the Partnership or Manager since the date of preparation
of this information. Analysis and verification of the information contained herein is
solely the responsibility of the prospective investor.

RECIPIENTS OF THIS INFORMATION SHALL BE PROHIBITED FROM FURTHER

DISTRIBUTING, COPYING OR IN ANY WAY DISSEMINATING ALL OR ANY PORTION
OF THIS INFORMATION WITHOUT THE PRIOR WRITTEN CONSENT OF OWNER.900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 2
 PROJECT SUMMARY
Quick Synopsis Statistical Breakdown
900 Old Koenig is a 2.05 acre site with approximately 34,000 square feet of class C industrial space. The majority of the Net Rentable Area: 164,393 SQ FT without waiver
space is leased and all leases are month-to-month, with an opportunity to improve leasing in the near term. This is a rare
219,362 SQ FT with waiver
opportunity to acquire a 2.0+ acre site in Central Austin.
Building Height : 60’-0” (6 STORIES)
Located on the North Lamar corridor between the Triangle and Airport Boulevard, this area is a magnet for residents as it is
centrally located and along a transit-oriented corridor. It is just over 0.5 miles from the Highland Station Light Rail Station and Total Units:
227 UNITS without waiver
numerous bus routes are on North Lamar. In addition, the Capital Metropolitan Transportation Authority has announced its
279 UNITS with waiver
plan for a new transit system that includes light rail along North Lamar. This light rail would directly connect the Property to
downtown as well as the airport. The current plan also projects a light rail station to be constructed adjacent to the Property. Total Parking Provided: 242 SPOTS without waiver
260 SPOTS with waiver
The Property has been rezoned and is subject to further positive changes in entitlement. Sponsor has engaged an attorney
to waive height and setback restrictions, allowing for +/- 55 additional units. Acquisition close is scheduled for 7/31/2020.
Bercy Chen Studio has a term sheet from a lender for a land loan and seeks a partner in development or land acquisition.
Please contact for more information on potential capital structures.

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 3

 ENTITLED LAND BUYER PRO FORMA
WITHOUT VARIANCE ACHIEVED WITH VARIANCE ACHIEVED

900 Old Koenig Total /Unit /NRSF 900 Old Koenig Total /Unit /NRSF
Land $ 9,988,000 $ 44,000 $ 112 Land $ 12,276,000.00 $ 44,000.00 $ 137.47
Construction $ 31,436,927 $ 138,489 $ 196 Construction $ 38,373,458.95 $ 137,539.28 $ 194.46
A&E $ 1,524,896 $ 6,718 $ 9 A&E $ 1,771,961.96 $ 6,351.12 $ 8.98
Financing & Legal $ 1,081,317 $ 4,764 $ 7 Financing & Legal $ 1,313,592.27 $ 4,708.22 $ 6.66
Operating Deficit $ 1,879,008 $ 8,278 $ 12 Operating Deficit $ 2,401,079.96 $ 8,606.02 $ 12.17
Etc. $ 4,140,191 $ 18,239 $ 26 Etc. $ 4,712,255.23 $ 16,889.80 $ 23.88
Total Project Cost $ 50,050,338.96 $ 220,486.07 $ 311.76 Total Project Cost $ 60,848,348.37 $ 218,094.44 $ 308.36
Cash Flow Year 1 Year 2 Year 3 Cash Flow Year 1 Year 2 Year 3
Base Rent PSF $ 2.32 $ 2.36 $ 2.42 Gross Rent PSF $ 2.31 $ 2.35 $ 2.41
Gross Potential Rent $ 4,466,581.92 $ 4,545,142.49 $ 4,662,081.60 Gross Potential Rent $ 5,463,167.64 $ 5,559,259.11 $ 5,725,773.97
Vacancy/Other Loss $ (123,994.92) $ (128,708.55) $ (69,027.81) Vacancy/Other Loss $ (183,790.06) $ (189,555.55) $ (196,231.86)
Effective Gross Income $ 4,342,587.00 $ 4,416,433.94 $ 4,545,259.68 Effective Gross Income $ 5,279,377.58 $ 5,369,703.57 $ 5,529,542.11
Operating Expenses $ (1,145,486.60) ($1,157,983) $ (1,217,377.38) Operating Expenses $ (1,263,229.68) ($1,273,180) $ (1,342,983.02)
Net Operating Income $ 3,197,100.40 $3,258,451 $ 3,327,882.30 Net Operating Income $ 4,016,147.90 $4,096,524 $ 4,186,559.09
Return On Cost 6.39% 6.51% 6.65% Return On Cost 6.60% 6.73% 6.88%
Exit/Hold Period 3 Years 4 Years 5 Years Exit/Hold Period 3 Years 4 Years 5 Years
Exit Cap 5.25% 5.25% 5.25% Exit Cap 5.25% 5.25% 5.25%
Net Sale Proceeds $ 63,492,308.77 $ 66,150,414.69 $ 68,895,502.74 Net Sale Proceeds $ 79,631,827.33 $ 83,013,738.20 $ 86,571,802.01
Loan Payoff $ (32,632,690.20) $ (32,693,721.08) $ (32,721,171.96) Loan Payoff $ (39,697,943.37) $ (39,773,080.34) $ (39,808,660.97)
Fees $ (63,207.92) $ (132,136.71) $ (202,399.88) Fees $ (68,588.54) $ (152,403.95) $ (237,851.48)
Net Profit $ 30,796,410.65 $ 33,324,556.90 $ 35,971,930.89 Net Profit $ 39,865,295.42 $ 43,088,253.90 $ 46,525,289.56
Gross Margin 21.17% 24.34% 27.35% Gross Margin 23.59% 26.70% 29.71%
Return Metrics 3 Years 4 Years 5 Years Return Metrics 3 Years 4 Years 5 Years
IRR 21.25% 17.82% 15.74% IRR 23.89% 19.69% 17.21%
Equity Multiple 1.76X 1.90X 2.05X Equity Multiple 1.87X 2.02X 2.18X

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 4

 LOT ANALYSIS: CS-MU-V ZONE
CS-MU-V zoning is intended to allow high-intensity multi-unit residential, office,
service, retail, and entertainment uses. There are off-street Motor Vehicle Parking
Reductions than can be met for up to 60% reduction. Compatibility Standards are
applicable to all property adjoining or across the street from a lot zoned or used as a
R3 (or more resrictive) zoning. For this site, the compatibility Standards are triggered
by an adjacent church, although the Sponsor has engaged an attorney to potentially
lift the restrictions and allow for an additional +/- 55 units.

SITE DEVELOPMENT STANDARDS

SITE AREA 89,298 SQ FT (2.05 ACRES)

MAX IMPERVIOUS COVERAGE 95%

MAX BUILDING HEIGHT 60 FT

MAX FLOOR AREA RATIO (FAR) 2.0

(CAN BE WAIVED IF 10% OF UNITS
MEET AFFORDABILITY REQUIREMENTS)

SETBACKS
FRONT YARD 5 FT
STREET SIDE YARD 5 FT
INTERIOR SIDE YARD N/A
REAR YARD N/A

PARKING REQUIREMENTS OFFICE/ RETAIL: 1/175 SQ FT

MULTI-FAMILY: 1/UNIT + .5 /BEDROOM)
OL
DK
OE

D
COMPATIBILITY RESTRICTIONS NIG

BLV
LN

AR
0’ - 25’ (FROM TRIGGERING PROPERTY) NO CONSTRUCTION

AM
NL
25’ - 50’ 30’ HEIGHT (2 STROIES)

50’ - 100’ 40’ HEIGHT (3 STORIES)

100’ + 1’ ADDITIONAL HEIGHT FOR EVERY 10’

NOTE: Adjacent church considered as triggering property. Bercy Chen Studio has
engaged church & city with positive support for waiver considering hardship due to
heritage tree. Board of Adjustments approval is pending.

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 5

 DESIGN POSSIBILITY

CONCEPTUAL PLAN
• RETAIL SPACE AT STREET LEVEL ALONG LAMAR, 5 LEVELS OF MULTI-FAMILY
• URBAN INFILL ON TRANSIT CORRIDOR
• ACTIVE LIFESTYLE AND URBAN LIVING
• PRESERVE EXISTING HERITAGE TREE
• GARAGE PARKING

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 6

 DESIGN OPTION
The unlimited FAR can be unlocked if the building meets the affordability requirements (10% of the without compatibility waiver from the adjacent church lot
residential units be reserved as affordable. (City of Austin LDC 25-2 Sunchapter E. Section 4.4.3.)).
The proposed construction type of the project would be TYPE IIIA construction, a five-story wood-
framed structure over a cast-in-place concrete podium. An additional half level of cast-in-place
concrete garage is located underground to meet parking requirements. With the entire construction

VD
R BL
categorized as a low-rise (less than 85 feet in International Building Code jurisdictions), wood-

MA
framed construction results in significant cost savings compared with high-rise buildings.

N LA
The 40% parking reduction is applied to adjust the total parking requirement (complying with City
of Austin Transportation Criteria Manual 9.6.0). The multi-family building incorporates courtyards OLD
KOE
to bring light and air into interior spaces and ground floor storefront space along Lamar to activate N IG L
N
the urban fabric of the site.

DEVELOPMENT STATISTICS

TOTAL GROSS FLOOR AREA 192,800 SQ FT

(2.16 FAR)

TOTAL BUILDING HEIGHT 60 FT

(6 STORY)

COMMERCIAL NET FLOOR AREA 3,420 SQ FT

MULTI-FAMILY NET FLOOR AREA 160,973 SQ FT

TOTAL DWELLING UNITS 222 UNITS

D
COMMERCIAL PARKING REQUIRED 13 SPOTS R BLV
A MA
NL OLD
KOE
N IG L
MULTI-FAMILY PARKING REQUIRED 333 SPOTS N

PARKING REQUIRED (WITH 40% REDUCTION) 208 SPOTS

PARKING PROVIDED (ESTIMATED) 242 SPOTS

DIAGRAM LEGEND

COMMERCIAL MULTI-FAMILY PARKING

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.05.19 7

 CONCEPTUAL GROUND FLOOR PLAN
without compatibility waiver from the adjacent church lot

STAIR
TRASH
TRASH
PICKUP
ENTRY DRIVE / FIRE LANE

RETAIL

STAIR
MAIN SPACE
LOBBY

NORTH LAMAR BLVD.

STAIR

DOWN
ENTRY DRIVE / FIRE LANE

STAIR

OLD KOENIG LN.

N

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 8

 CONCEPTUAL RESIDENTIAL FLOOR PLAN
without compatibility waiver from the adjacent church lot

STAIR
TRASH

STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO

1 BEDROOM

STORAGE
GUEST LIGHT
1 BEDROOM 1 BEDROOM 1 BEDROOM SUITE WELL 3 BEDROOM 2 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM

STAIR
2 BEDROOM

NORTH LAMAR BLVD.

1 BEDROOM
1 BEDROOM 1 BEDROOM

STAIR

2 BEDROOM 2 BEDROOM AMENITY / 2 BEDROOM 2 BEDROOM

AMENITY
POOL DECK
DECK BELOW
BELOW

2 BEDROOM 2 BEDROOM 2 BEDROOM 2 BEDROOM

STORAGE

1 BEDROOM 1 BEDROOM 1 BEDROOM GUEST LIGHT 3 BEDROOM 2 BEDROOM GUEST LIGHT

1 BEDROOM
SUITE WELL SUITE WELL

1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM
STAIR

OLD KOENIG LN.

N

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 9

 DESIGN OPTION
Compatibility restrictions create a series of setbacks in the first design option, limiting the total with compatibility waiver from the adjacent church lot
build-out. The purpose of these setbacks is to protect the privacy of single family residences and
churches. With the approval of the neighboring church, we can reduce these restrictions and build
more density up to the west lot line.

VD
R BL
The compatibility waiver allows for a single large courtyard in-lieu of the two courtyard in the other

MA
scheme. This has the added benefits of a more efficient floor plan and 55 additional units. Bercy

N LA
Chen Studio has engaged an attorney to assist with this waiver. Should this pass, the Property could
be entitled for a total of 277 units.
OLD
KOE
N IG L
N

DEVELOPMENT STATISTICS

TOTAL GROSS FLOOR AREA 257,470 SQ FT

(2.88 FAR)

TOTAL BUILDING HEIGHT 60 FT

(6 STORY)

COMMERCIAL NET FLOOR AREA 3,420 SQ FT

MULTI-FAMILY NET FLOOR AREA 215,942 SQ FT

TOTAL DWELLING UNITS 277 UNITS

D
COMMERCIAL PARKING REQUIRED 13 SPOTS R BLV
A MA
NL OLD
KOE
N IG L
MULTI-FAMILY PARKING REQUIRED 416 SPOTS N

PARKING REQUIRED (WITH 40% REDUCTION) 258 SPOTS

PARKING PROVIDED (ESTIMATED) 260 SPOTS

DIAGRAM LEGEND

COMMERCIAL MULTI-FAMILY PARKING

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 10

 CONCEPTUAL GROUND FLOOR PLAN
with compatibility waiver from the adjacent church lot

STAIR
TRASH
TRASH
PICKUP
ENTRY DRIVE / FIRE LANE

MAIN
LOBBY

RETAIL

STAIR
SPACE

NORTH LAMAR BLVD.

STAIR

DOWN
ENTRY DRIVE / FIRE LANE

STAIR

LOBBY
STAIR

OLD KOENIG LN.

N

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 11

 CONCEPTUAL RESIDENTIAL FLOOR PLAN
with compatibility waiver from the adjacent church lot

STAIR
TRASH

STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO STUDIO

STOR.
1 BEDROOM

LIGHT
1 BEDROOM
WELL
3 BEDROOM 2 BEDROOM 2 BEDROOM 2 BEDROOM 2 BEDROOM 2 BEDROOM 2 BEDROOM
2 BEDROOM

STAIR

NORTH LAMAR BLVD.

1 BEDROOM 1 BEDROOM

2 BEDROOM

STAIR

1 BEDROOM
AMENITY / POOL 1 BEDROOM 1 BEDROOM
DECK BELOW

2 BEDROOM

1 BEDROOM
1 BEDROOM 1 BEDROOM

2 BEDROOM
1 BEDROOM
1 BEDROOM 1 BEDROOM

1 BEDROOM 3 BEDROOM 2 BEDROOM 2 BEDROOM 2 BEDROOM

LIGHT GUEST LIGHT
1 BEDROOM
WELL SUITE WELL

STAIR

3 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 1 BEDROOM 2 BEDROOM

STAIR

OLD KOENIG LN.

N

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 12

 MAJOR AUSTIN CONTEXT
7

CURRENT AUSTIN DEVELOPMENTS

ACC HIGHLAND $152 MILLION
1 12 1 APPLE INC.
AUSTIN ENERGY AT MUELLER P.U.D. $150 MILLION
2 UT AUSTIN
HIGHWAY 183 IMPROVEMENTS $540 MILLION 6
3 AMD
183
AIRPORT BLVD CORRIDOR IMPROVEMENT $74 MILLION THE
11 4 GOOGLE
5 DOMAIN 30
29 5 GOOGLE (NEW CAMPUS)
31
6 NATIONAL INSTRUMENTS

7 ORACLE
I-35
8 ORACLE (NEW CAMPUS)
TX-1 17
9 FREESCALE
15
10 16
10 VMWARE
PROJECT SITE
ACC 290 11 DELL
HIGHLAND
12 IBM
130
TRIANGLE 13 FACEBOOK
i
8m

14 INDEED
6mi
MUELLER

i
P.U.D.

4m
71 2 15 RACKSPACE

i
2m
UT AUSTIN
TX CAPITAL 9 16 SILICON HILLS
CBD 22
13 17 SAMSUNG
4 14 26
24 25
18 DATA FOUNDRY
23 28
27 21
3 19 XBIOTECH
8
290 20 CYRUSONE

21 UBER AUSTIN

22 FAVOR
71
TX-1 20
19 23 USHIP INC.
18
Austin-Bergstrom 24 CONDÉ NAST
International
183 Airport 25 C3 PRESENTS

26 HANDSOME
I-35
27 LIVESTRONG FOUNDATION

28 FLOSPORTS
DRIVE TIMES FROM PROJECT SITE
29 TACC
HIGHWAY 183 I-35 TX-1 CBD THE DOMAIN
30 AMAZON

31 FC STADIUM

4 MIN 4 MIN 5 MIN 13 MIN 13 MIN

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 13

 LOCAL SITE CONTEXT
PROJECT SITE - 900 OLD KOENIG/5916 N LAMAR BLVD
BRENTWOOD PARK
183 lot size: 2.05 acres.

A MUELLER
lot size: 711 acres

REEK
CRESTVIEW STATION 1 B THE GROVE (underconstruction)
AL C
SHO mixed-use: 75 acres. 1,550 residentional units

C HIGHLAND DEVELOPMENT (underconstruction)

CRESTVIEW STATION 1 HIGHLAND PARK lot size: 81 acres. mixed use: 3,290,000 sf

AIR
TEXAS DEPARTMENT OF PUBLIC SAFETY CAMPUS

PO
D
lot size: 44 acres

RT
B
W E TEXAS SCHOOL FOR THE BLIND

LVD
KO lot size: 45 acres
EN
TX-1 IG
LN F THE TRIANGLE
lot size: 6.05 acres

PROJECT SITE

EK
FOOD/DRINK/AMENITIES
HIGHLAND STATION 2

RE
YC
•Thunderbird Coffee •Monkey Nest Coffee •Little Woodrow’s

DR
•Brentwood Socialhouse •Central Market •HEB •Target •Dia’s Market
MUSTANG BARTON PARK •Han Yang Market •Stiles Switch BBQ •P Terry’s •Pinthouse Pizza
BRENTWOOD STATION 2 D •Hoppdoddy Burger Bar •Fonda San Miguel •DK Sushi •Dart Bowl Bowling
BURNET RD

•AFS Cinema •Of The Lions Fitness •Grassiron Fitness

C
E
AV
W
RO
OD
WO

0.5 m
i 290

D
BLV

EK
•Galaxy Highland Theater (1.6 mi away) •Barley Swine (1.4 mi away)

RE
RC
3
AR
5301 LAMAR & N LOOP

LLE
AM

WA
45
TH
NL

51
ST ST
ST

E •The Triangle (1.3 mi away) •ACC Highland (0.9 mi away)

i
F 1.0 m
TRIANGLE 4 TRIANGLE STATION
PARK
RAMSEY UT INTRAMURAL
PARK FIELD

I-35 •Yard Bar (1.5 mi away) •Central Market (1.7 mi away)

T
ES
UP

i
1.5 m
AL
AD
GU

METRORAPID - 801
A
•UT Intramural Field (1.3 mi away) •McCallum Arts Center (0.2 mi away)
METRORAIL - RED LINE
5 HYDE PARK STATION

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 14

 LOCAL REAL ESTATE COMPS - SALES AND PIPELINE
CLASS A MULTI-FAMILY ASSET SALES COMPS - NORTH CENTRAL AUSTIN SUBMARKET
as of Q4 2019

Avg Avg Avg NRSF Cap

Property Address Seller Buyer Built Sold Units SF Rent / SF Rent Multi-family Rate Sales Price $ / Unit $ / SF
Crestview
1 Commons
801 Sugaree Trammell Crow SPI / Verbena 2018 Oct-19 353 784 $2.45 $1,921 276,820 4.19%
$80,000,000 $226,629
$289

2501 W. CREA
2 The Copeland
Braker Ln Development
Terrain Capital 2019 Oct-19 328 747 $2.37 $1,769 244,889 4.20% $72,250,000 $220,274 $295

Total / Average 341 765 $2.41 $1,848 4.20% $76,125,000 $223,452 $292
2 mi
900 Old Koenig / 5916 N Lamar Bercy Chen + Partner 285 750 $2.50 $1,875 213,750
W
AN
DE
RSO
NL
N. 183
TX-1

D.
CLASS A MULTI-FAMILY SUPPLY PIPELINE - NORTH CENTRAL AUSTIN SUBMARKET

BLV
as of Q4 2019

AR
AM
1 mi

NL
Property Address Developer Units Acres Units / Acre Delivery Status
7
1 1
.

N. Lamar @ N. Loop 5210 N. Lamar Grey Forest Development 228 1.87 121.9 Mar-22 Under Construction
BURNET RD

2 Aura on Lamar 5629 N. Lamar Trinsic Development 279 3.34 83.6 Oct-21 Under Construction

3 The Pearl 1303 Koenig Lane Ledcor Development 383 4.95 77.3 Sep-20 Under Construction
6
4 Crestview Highline 6324 N. Lamar Urban Genesis 102 1.20 85.2 Dec-21 Approved
AIR
PO

5 North at Crestview Station 6705, 6701, 6613, 6611 N. Lamar & 6700 Shirley Alliance Residential 298 2.71 110.0 Sep-21 Submitted
RT

5
BLV

W
KO 6 St. John's West 601 St. John's Ave Journeyman Construction 297 2.13 139.7 Apr-20 Under Construction
D.

ENIG
LN 4
. 7 Crestview Commons Phase IV 7400 N. Lamar High Street Residential 226 2.89 78.2 Jul-21 Under Construction

3 8 8 Airport Center 212 W. Highland Mall Blvd Slate Real Estate Partners 319 7.68 41.6 Jul-22 Submitted
10
9 FiveTwo at Highland 6140 Highland Campus Dr Greystar 390 3.75 104.0 Mar-20 Under Construction

9 10 Highland Highline 418 E. Highland Mall Blvd. Urban Genesis 120 1.01 118.8 TBD Submitted

Total / Average 3,427 5.49 92.7

2

900 Old Koenig / 5916 N Lamar Bercy Chen + Partner 285 2.05 138.8 Jan-23

1 290

E. 4
5TH Project site
ST.
I-35 Class A Multi-family Supply Pipeline

Multi-family Asset

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 15

 LOCAL REAL ESTATE COMPS - MIXED-USE/MULTI-FAMILY LAND SALES
9

RECENT MULTI-FAMILY / MIXED-USE LAND SALES COMPS - NORTH CENTRAL AUSTIN SUBMARKET
as of Q4 2019

Units /
Property Address Developer Date Acres $ Price $ / SF $ / Unit Units* Acre
2 mi
1 6901 N. Lamar Condos 6901 & 6917 N. Lamar IntraCorp UC 2.23 $10,000,000 $102.81 $30,120 200 148.7
W 6705, 6701, 6613, 6611
AN
DE
RSO
2 North at Crestview Station
N. Lamar & 6700 Shirley
Alliance Residential UC 2.71 $12,149,929 $103.00 $40,772 298 110.0
NL
N. 183
TX-1 3 6725 Shirley 6725 & 6719 Shirley Pielet Brothers Construction Mar-20 0.46 $1,342,519 $67.00 n/a n/a

4 UG Highland 418 E Highland Mall Blvd Urban Genesis Oct-19 1.01 $2,243,776 $51.00 $18,698 120 118.8

5 Aura on Lamar 5629 N. Lamar Trinsic Property Group Nov-18 3.39 $8,126,000 $55.01 $29,125 279 82.3

6 Crestview Highline 6324 N. Lamar Urban Genesis Nov-18 1.20 $2,293,835 $44.00 $22,489 102 85.2

7 The Pearl 1301 Koenig Lane Ledcor Development Jul-17 5.35 $15,750,000 $67.62 $41,123 383 71.6

D.
BLV
8 Flora Apartments 5406 Middle Fiskville JCI Residential Mar-17 1.33 $2,045,000 $35.36 $10,541 194 146.1

AR
AM
1 mi 9 8518 Burnet Rd 8518 Burnet Rd Sackman Development Jun-15 2.79 $8,500,000 $69.94 $37,778 225 80.6

NL
10 Airport Center 212 W. Highland Mall Blvd Slate Real Estate Partners May-14 7.68 $16,720,724 $50.00 $52,416 319 41.6
.
BURNET RD

11 Camden Lamar Heights 5300 N. Lamar Camden Residential Jun-13 4.83 $8,700,000 $41.35 $30,000 290 60.0

12 West Koenig Flats 111 E. Koenig Lane Stillwater Residential Mar-13 2.39 $3,610,000 $34.69 $17,190 210 87.9

1 13 Burnet Flats 5453 Burnet Rd Ardent Residential Dec-12 2.31 $3,200,000 $31.76 $17,877 179 77.4
AIR

Total / Average 2.90 $7,283,214 $57.96 $29,011 244 92.5

PO

2
RT

3
BLV

W * where applicable
KO 900 Old Koenig / 5916 N Lamar Bercy Chen + Partner 2.05 $8,946,353 $100.00 $31,391 285 138.8
D.

ENIG
LN 6
.
13
7 10
4

11
12
290

E. 4
5TH 8 Project site
ST.
I-35 Multi-family / Mixed-use Property

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 16

 LOCAL REAL ESTATE COMPS - MULTI-FAMILY RENT

CLASS A RENT COMPS (PROPERTY UNIT SF AVERAGES) - NORTH CENTRAL SUBMARKET

as of Q4 2019

Property Units SF $ / Unit $ / SF Occupancy Rate

2 mi
900 Old Koenig / 5916 N Lamar 250 693 $1,575 $2.27
W
AN 1 Camden Lamar Heights 314 838 $1,833 $2.19 96%
DE
RSO
NL
N. 183 2 West Koenig Flats 210 812 $1,761 $2.17 95%
TX-1
3 Flora Apartments 194 630 $1,324 $2.10 90%

4 MARQ on Burnet 288 666 $1,384 $2.08 94%

5 Burnet Flats 179 795 $1,645 $2.07 97%

6 Crestview Commons 353 784 $1,608 $2.05 95%

D.
7 Infinity at the Triangle II 115 971 $1,961 $2.02 97%

BLV
AR
8 ECHO 274 879 $1,742 $1.98 95%

AM
1 mi

NL
4 9 Elan Parkside 309 816 $1,613 $1.98 89%
.

6
BURNET RD

15 14 10 Five Two at Highland 390 843 $1,614 $1.92 90%

11 Infinity at the Triangle I 335 1,026 $1,942 $1.89 97%

12 AMLI 5350 335 1,026 $1,942 $1.89 93%

AIR

13 Infinity at the Triangle - Lofts 79 1,217 $2,299 $1.89 97%

PO
RT

14 Midtown at Crestview Station I 316 752 $1,327 $1.76 96%

BLV

W
KO
D.

E NIG 15 Midtown at Crestview Station II 246 769 $1,270 $1.65 92%

LN
.
Totals / Averages 4,187 832 $1,648 $1.98 94%
5

12
10

9
1
2
290

E. 4
5TH
3 Project site
ST.
13 I-35 Multi-family Property
8
11
7

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 17

 PUBLIC TRANSPORTATION CONNECTIVITY
801 N. Lamar/S. Congress (HIGH FREQUENCY ROUTE)
2 mins walk to Brentwood Station
From Brentwood station to... 4 mins drive / 17 mins walk to Crestview Station
Crestview Station 4 mins | 0.8 miles From Crestview station to...
LOCAL
METRORAPID - 801 UT Austin
CBD
13 mins | 3.1 miles
21 mins | 4.4 miles METRORAIL - RED LINE
ACC Highland
Kramer (The Domain)
3 mins | 1.0 miles
7 mins | 4.6 miles
SOCO 31 mins | 6.0 miles CBD/Downtown 19 mins | 7.0 miles
2243
801 WEEKDAYS Leander
Parmer 5 AM – 7 AM 15 MIN 2243
TECH RIDGE
Esperanza
PARMER LEANDER
Crossing
DOMAIN
1, 52, 243, 325, 392, 935 35
Braker 7 AM – 6 PM 10 MIN 183A 734
The Domain TOLL
UT RESEARCH Kramer CHINATOWN
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Research Center MASTERSON 1431

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CROSSROADS 1 35

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Sam d
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801 SUNDAYS
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Central
(Southbound) ROSEDALE 6 AM – 7 PM 15 MIN

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REPUBLIC 803 AUSTIN HISTORY CENTER Station

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900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 18
 To Georgetown

PROPOSED PUBLIC TRANSPORTATION CONNECTIVITY

LEANDER

45
TOLL

To Hutto
LAKELINE

Howard Ln Stoney
325
HOWARD Walnut Creek LEGEND TECH
METROBUS Creek

Proposed CapMetro project includes

2 RIDGE
Frequent LocalPark
Routes
Metro Park
LIGHT RAIL
PARMER (Current)
ELGIN
Orange Line
METROEXPRESS PARMER

RECOMMENDED SYSTEM PLAN

Potential Future Extension
ACC Current MetroExpress

subway system in Downtown Austin

Northridge BRAKER LNLine
Blue BRAKER Future MetroExpress
BROADMOOR/DOMAIN MANOR
METRORAIL
Red Line
METROACCESS 130

Proposed CapMetro project includes

Available within CapMetro service area TOLL
KRAMER Green Line
Potential Future Extension Current Park & Ride
MCKALLA

A CC
To Georgetown SOUTHEND METRORAPID
Proposed Park & Ride
Author: Rebecca Flores, Daranesha Herron (KVUE)
The project will also include new MetroExpress routes, seven new MetroRapid
subway system in Downtown Austin
Enhanced MetroRapid Route WILDHORSE
Circulator
Published: 8:17 AM CST March 6, 2020

HIG
Potential Future Extension

Metric Bl
RUTLAND Tunnel
Updated: 5:24 PM CDT March 9, 2020

HLA
SCHEMATIC MAP
Gold Line
routes, the Gold Line Bus Rapid Transit route and 14 'Park and Rides.'
NOT TO SCALE

LEANDER
02 / 04 Light rail and bus rapid transit

ND
45
Rundberg Ln
TOLL
325

TO T
CROSSROADS RUNDBERG
AUSTIN, Texas —will
The project Austin drivers
also deal with
include new traffic on a daily basis,routes,
MetroExpress but a newseven
Capital new
Metro MetroRapid
plan is aimed to

EC
To Hutto
LAKELINE
help mend some of those issues, and we now have a look at what the future CapMetro could look like.

HR
routes, the Gold Line Bus Rapid Transit route and 14 'Park and Rides.'

GREEN LINE
Bur
Howard Ln Stoney
FOUR
325 POINTS OHLEN 325

IDG
TECH Creek LBJ
NORTH LAMAR

net
HOWARD Walnut Creek RIDGE Park RE 10 High School

E
Metro Park PARMER
D TRANSIT CENTER ELGIN CapMetro on Friday unveiled its plan for a new transit system that includes a light rail and an underground

Rd
PARMER
LI

N Lamar Bl
ACC
Northridge
BROADMOOR/DOMAIN
BRAKER LN BRAKER
NORTHCROSS NE
MANOR
DELCO CENTER AUSTIN,
transit TexasThis
tunnel. — Austin
comesdrivers deal
after the with traffic
public on a dailyprovider
transportation basis, but a new Capital
announced Metrothe
in January plan is aimed to
Project
KRAMER
130
TOLL help mend some of those
Connect transit system. issues, and we now have a look at what the future CapMetro could look like.

BUR CHACA LL
AND
300 St Johns Ave

M E NO A K H I
MCKALLA
A CC

d
or R
SOUTHEND
CapMetro on Friday unveiled its plan for a new transit system that includes a light rail and an underground

NET
CRESTVIEW WILDHORSE
H IG
LOOP 360
Metric Bl

RUTLAND

Man
HLA

transit PARK This comes after the public transportation provider announced in January the Project
tunnel.

TO
Emma
COLONY
ND
Rundberg Ln
Long 325
TO T

CROSSROADS RUNDBERG
Metro SPRINGDALE Connect transit system.
COLONY
PARK TOWN
EC

Park SHOPPING EXPORELATED: 

HR

KOENIG CENTER
ALLANDALE CENTER

GREEN LINE
Bur

FOUR POINTS OHLEN 325

ID

LBJ
NORTH LAMAR
CapMetro shared the planEXPO with the Austin City Council on Monday.
GE
net

RE 10 High School
D TRANSIT CENTER
HIGHLAND WHELESS CENTER
Rd

LI LOYOLA/
51st St CapMetro announces new transportation plan, including potential underground transit system
N Lamar Bl

NORTHCROSS NE DELCO CENTER

NORTH 300 WESTMINSTER JOHNNY
LOOP MORRIS
TRIANGLE PHILOMENA The underground
MLK
transit tunnels would be under Guadalupe Street from Cesar Chevez Street to 14th
BUR CHACA L
AND

300 St Johns Ave

M E NO A K H IL

d
TEXAS HEALTH CLARKSON
Mass
Street;transit: How Austin
under Fourth Streetcompares
to to other
Trinity Street; cities
and underwith lightStreet
Trinity rail systems
from Fourth Street to Lady Bird Lake.

or R
7 BERKMAN/ DECKER
NET

LOOP 360 CRESTVIEW

COMMISSION MUELLER

Man
TO

/
Emma
COLONY PARK
Long

Bl
Metro PROJECT SITE HYDE COLONY

LK
SPRINGDALE
SHOPPING EXPO PARK
PARK TOWN
"It also helps facilitate the service, make it go smoother, make it more reliable and allows us to carry more

M
Park CENTER
1 mins walk to Koenig Station
ALLANDALE KOENIG CENTER
38½ St AIRPORT
HIGHLAND
51st St Seton
WHELESS
LOYOLA/
HEMPHILL
HANCOCKCENTER
EXPO BLVD people that way," said Jackie Nirenberg, CapMetro community engagement manager. "What we're finding
NORTH 300 WESTMINSTER JOHNNY
LOOP Hospital PARK
MORRIS ST. DAVID’S
from a lot of the other agencies around the country is that they wish they had constructed a tunnel when
Ex

Lamar Bl
TRIANGLE PHILOMENA
MLK
20
po

Dr
TEXAS HEALTH 7 CLARKSON BERKMAN/ UT DECKER 2 130 because it does facilitate quicker movement and the capacity to
they started constructing their system /
sit

San Jacinto Bl
COMMISSION

gs
MUELLER
EAST 300 TOLL

rin
ion

335 University
Bl

HYDE LAFAYETTE

Sp
carry more people so we feel we need to do that from the beginning."
LK
Bl

PARK of Texas
M

k
AIRPORT
UT/WEST MALL EAST US 183

Oa
38½ St
HANCOCK BLVD
Seton LOOP HEMPHILL MLK
Hospital
360 PARK 20ST. DAVID’S
Ex

Lamar Bl

MEDICAL
The project will also include new and expanded MetroExpress routes, seven new MetroRapid routes, the
po

Dr

UT 2 130 ACC

LK
SCHOOL
sit

San Jacinto Bl

gs

EAST 300

M
EASTVIEW
TOLL
rin
ion

GOLD LINE
335 University LAFAYETTE
Sp

Gold Line Bus Rapid Transit route and 14 'Park and Rides.' Nirenberg with CapMetro said they need to act
Bl

of Texas
Dell Seton
k

UT/WEST MALL EAST US 183

7 10
Oa

LOOP MLK Hospital

360 MEDICAL
Enfield Rd ACC DOWNTOWN AREA
2 SPRINGDALE now with Austin's population projected to double by 2040.
LK

SCHOOL
M

EASTVIEW
CAPITOL WEST
GOLD LINE

Dell Seton CAPITOL GOVALLE

7 10 EAST
RED BUD Hospital
GOVERNMENT COMAL
Enfield Rd SPRINGDALE EASTSIDE
CAPITOL WEST CAPITOL
EAST COMAL
2
GOVALLE
CENTER BUS PLAZA "That's a lot more people a lot more cars and no space to put them, so we have to give people an
RED BUD GOVERNMENT
5TH/6TH EASTSIDE 7TH/TRINITY Huston-Tillotson WEBBERVILLE 4
CENTER
5TH/6TH 7TH/TRINITY Huston-Tillotson 5TH/6TH
WEBBERVILLE 4 & LAMAR
BUS PLAZA University alternative to sitting in that horrible traffic and being able to get to the work, the educational opportunities,
5 /6
TH TH
& LAMAR University & W LYNN
& W LYNN
CROSSTOWN EXPOSITION CROSSTOWN
PLEASANT VALLEY PLEASANT VALLEY the people they want to see, the fun things they want to do in Austin and really be able to enjoy and get
EXPOSITION
REPUBLIC
DOWNTOWN
STATION
PLAZA SALTILLO
17
CESAR CHAVEZ
REPUBLIC
DOWNTOWN PLAZA SALTILLO CESAR CHAVEZ the most out of this city," said Nirenberg.
SQUARE
Cesar Chavez St STATION 17
Lake Austin MACC/RAINEY SQUARE
S Lamar Bl

Lady Cesar Chavez St

Lake Austin MACC/RAINEY
S Lamar Bl

Bird
Lake
These are renderings of the proposed project.
Zilker Long AUDITORIUM
Center SHORES Roy G. Guerrero Lady
Park Bird
7 WATERFRONT ZilkerCO River Park Long AUDITORIUM LTo
akBastrop
e
Center SHORES Roy G. Guerrero
LAMAR Rive ParkLAKESHORE 17
SQUARE TRAVIS
HEIGHTS
rsid
e Dr ACC 311
7 WATERFRONT CO River Park PHOTOS: CapMetro's To Bastrop
Project
According to the transportation Connect
provider,plan
here's a detailed look at what the plan includes:
S Congress Ave

Riverside Bastrop Hwy

10
SOCO LAKESHORE
RIVERSIDE LAMAR Rive LAKESHORE 17
SQUARE TRAVIS rsid ACC 311
S 1st St

7 BLUE LINE
Burton Dr

AUS
HEIGHTS
e Dr Light Rail Transit (LRT)
Hwy – These are high-capacity transit vehicles accommodating up to four times more
PHOTOS:per trip. CapMetro's Project Connect plan
S Congress Ave

FARO MONTOPOLIS METROCENTER Riverside Bastrop

OLTORF WEST
10 Austin-
MANCHACA
OLTORF
300 OLTORF EAST SOCO LAKESHORE
Bergstrom passengers It would be operating in transit-only lanes that operate out of car traffic. Operating on
International RIVERSIDE
ORANGE LINE

B
the proposed Orange and Blue Lines:
Parker Ln

Montopolis Dr

Gr art
S 1st St

7
PLEASANT VALLEY

Airport BLUE LINE

Burton Dr

ee on AUS
Bl

nb Cr
ar

FARO MONTOPOLIS METROCENTER

m

el ee 7
La

t k OLTORF WEST
S

BRODIE OAKS
ST EDWARD’S
St Edward’s OLTORF Orange Line: Austin-
University Bergstrom
Ben MANCHACA 300 Light Rail from
InternationalLamar Transit Center (US Highway 183 and North Lamar Boulevard) along
North
Pa

TODD LN OLTORF EAST

n

311
th

ORANGE LINE

White Bl
Ba
er

Parker Ln

Montopolis Dr
Ln

G rSOUTH
r t CONGRESS the North Lamar/Guadalupe corridor, University of Texas campus, downtown to Lady Bird Lake
PLEASANT VALLEY

WESTGATE o Airport
eTRANSIT
e n n CCENTER
ST. ELMO
Bl

TRANSIT
WESTGATE CENTER
and along South Congress to Stassney Lane.
ar

be re
/
m

BRODIE
ek
l t 10 McKinney 7
La
West Gate

OAK ACC Falls

S

HILL
801 MetroRapid bus service will continue from North Lamar Transit Center to Tech Ridge and
Blvd

South Austin
STASSNEY
State ST EDWARD’S
TO BURNET
MENCHACA

Stassney Ln
311 BRODIE OAKS Park
DOVE SPRINGS St Edward’s
University Stassney to Slaughter lanes. These routes would be converted to LRT as resources become
Pa

WILLIAM CANNON Ben TODD LN

S 1st St

available, approximately in the 2040s.

n

311
th

White Bl
er
Ln

William Cannon Dr 130

333 CHERRY CREEK
333
WILLIAM CANNON
7
WESTGATE SOUTH CONGRESS
TOLL
Blue Line: Light Rail transit service to and from Austin-Bergstrom International Airport, providing
ST. ELMO
WESTGATE
TRANSIT
CENTER
TRANSIT CENTER
MCKINNEY FALLS service along East Riverside Drive, across Lady Bird Lake to the Convention Center and west along
10
FORD OAKS
BRODIE SLAUGHTER Thaxton Rd
McKinney Fourth Street to Republic Square, operating along the Orange Line to US 183 and North Lamar /
West Gate

WILDFLOWER OAK ACC 10 Falls

HILL To Lockhart Boulevard.
Blvd

Southpark
Meadows
GOODNIGHT South Austin333 State
STASSNEY
TO BURNET
MENCHACA

Stassney Ln
To San Marcos Park
3/4/2020 311 DOVE SPRINGS
Bus Rapid Transit (BRT) – These are high-capacity transit vehicles also operating in transit-only lanes that
operate free from street traffic – moving more people and out of car traffic. 
WILLIAM CANNON
S 1st St

William Cannon Dr
900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17
7 Gold Line: BRT will be from 130
Austin Community College’s Highland campus through downtown to the
19
333 TOLL
CHERRY CREEK WILLIAM CANNON
333
 NOT FOR REPRINT

NEWSWORTHY COVID-19 IMPACT ON REAL ESTATE MARKET

 Click to print or Select 'Print' in your browser menu to print this document.

Page printed from: https://www.globest.com/2020/2020/05/15/coronavirus-moving-more-multifamily-deals-off-

market/

Although there has been a drop in widely–marketed multifamily listings for sales, deals are still
moving ahead o -market.
By Ross Todd | May 15, 2020
��cials at Austin, Texas-based multifamily acquisitions and analytics �rm ��erd say there appears to be a
robust market for o�-market deals for large rental properties developing in the wake of the coronavirus
pandemic. According to the U.S. Census Bureau, the percentage of Americans living in rental property was at
a 50-year high (https://censuscounts.org/whats-at-stake/will-you-count-renters-in-the-2020-census/) coming
into the �rst quarter of 2020 as stay-at-home orders began to take hold across the nation. According to data
from iPropertyManagement (https://ipropertymanagement.com/research/renters-vs-homeowners-statistics),
36.7% of Americans were renting as of February.

�en �o�, the founder of Multi-�ousing �quity Partners who is now the president, acquisitions and a partner
at ��erd, says that owners who had plans to sell which were often a year in the making are understandably
concerned that properties coming onto the market in the current economic might be perceived as
distressed.

“We saw this during the �reat �ecession,” �o� said. “The fact is, heading into this current situation,
transaction volume was high every month. The second and third quarters of this year were expected to see
incredible volume. Why? Because owners targeting their assets for exit now made those disposition
decisions a year ago, or more, long before shelter-in-place,” �o� said.

�o� added that the sure�re way to avoid the perception that the property you’re o�ering for sale is
distressed is to keep the listing o�-market.

Travis Farese, Founder and C�� of ��erd, said that despite a signi�cant drop in public listings, his company
is only seeing “a slight decrease in investor demand.” Although underwriters have made a downward
adjustment to near-term rental growth assumptions, Farese said “the fundamentals of the overall asset class
remain, our clients are moving forward with acquisition campaigns.”

Says Farese: ” While there’s a slowdown in immediate near-term transaction activity – as investors and sellers
work to come to agreement on ��nding the �oor’ in collections and ��� – this pause will only serve to create
pent-up demand.”

Copyright 2020. ALM Media Properties, LLC. All rights reserved.

https://www.globest.com/2020/05/15/coronavirus-moving-more-multifamily-deals-off-market/?printer-friendly 1/1

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 20

 5/5/2020 CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand

5/5/2020 NEWSWORTHY COVID-19 IMPACT ON REAL ESTATE MARKET

CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand
5/5/2020 CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand

Recent Apartment Searches Offer Early Hints About

Future Demand
In many respects, recent search results reflect long-held expectations about how migration cycles tend to reset in downturns.
(Getty Images)
CoStar Insight: Search Data Shows Reactions to Changing Jobs Picture
By Andrew Rybczynski
CoStar Advisory Services
5/5/2020 CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand
April 27, 2020 | 3:21 P.M.

As the initial impacts of coronavirus became clear, apartment renters reacted by throttling
back their searches for new places to live. The decline in search volume on CoStar apartment
listing platforms coincided with a downturn in rents, which had peaked nationally on March
11. That search volume
5/5/2020 CoStar Newsfell until
- Recent Apartmentlate March,
Searches when
Offer Early Hints it Demand
About Future started to turn the corner.
5/5/2020 CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand
Examining
Examining changes
changes in user
in user searches by searches by some
market reveals market reveals
familiar some
patterns. Therefamiliar
are a patterns. There are a
handful of major
handful markets markets
of major where userswhere
living inusers
the market increased
living in thetheir searching
market in other
increased their searching in other
markets, while users in other markets decreased their searches for those stressed markets.
markets, while users in other markets decreased their searches for those stressed markets.
https://product.costar.com/home/news/shared/1708394502?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content… 1/5 They include Houston (energy), Las Vegas and South Florida (tourism) and Cleveland and
They(manufacturing).
Detroit include Houston (energy), Las Vegas and South Florida (tourism) and Cleveland and
Detroit (manufacturing).
5/5/2020 CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand

In many respects, recent search results reflect long-held expectations about how migration cycles tend to reset in downturns.
(Getty Images)
Today, apartment search activity has largely recovered. But that does not necessarily mean
Today, apartment search activity has largely recovered. But that does not necessarily mean
demand
By Andrew
demand and higher
rents willrents
Rybczynski
and higher will followsome
follow immediately; immediately; some
renters likely will skiprenters likely
a move this will skip a move this
season,
CoStar
season, rather
Advisory
rather than merely
Services
than merely delay delay
�nding a new �nding a new
place to live. place to
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employment the employment https://product.costar.com/home/news/shared/1708394502?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content… 3/5

environment does not lend con�dence to strong, near-term demand, a sentiment re�ected in
environment
April 27, 2020 does
| 3:21not lend con�dence to strong, near-term demand, a sentiment re�ected in
P.M.
CoStar’s current apartment forecasts. This nuance is evident in the way search behavior has
CoStar’s
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changed current
initial
in recent apartment
impacts
weeks. forecasts.became
of coronavirus clear, is
This nuance evident inrenters
apartment the way searchby
reacted behavior has
throttling
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back theirinsearches
recent weeks.
for new places to live. The decline in search volume on CoStar apartment OnOn
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listing
current platforms
market coincided
of residence. The rise inwith a downturn
this metric in could
in early April rents, which
well re�ect had
users’peaked
nationally on March hubs suchsuch
hubs as Austin, Texas; Raleigh,
as Austin, Texas; North Carolina;North
Raleigh, Boston,Carolina;
the Bay AreaBoston,
and Seattle,
thetheBay Area and Seattle, the
https://product.costar.com/home/news/shared/1708394502?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content… 3/5
One of
11. That those key changes
searchconditions.
volume As is
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shipping hub of Memphis, Tennessee, and big growth markets such as Atlanta and Phoenix all
changed employment mount around the country, forced shipping hub of Memphis, Tennessee, and big growth markets such as Atlanta and Phoenix all
meet that criteria. Searches for units in those areas from people who live elsewhere have
current
look market of residence.
for new employment. The rise
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are particularly exposedin early
today. OurApril could well re�ect users’
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at STR report that 100% of markets are reporting hospitality RevPAR losses week over week
changed employment conditions. As job losses mount around the country, many are forced to seem that potential renters are favoring
now, and have for the past four weeks. Energy markets are in turmoil, as West Texas increased, while users insidethese
the markets
marketforare
the not
relative job security
searching inthey offer.markets
other as much. It would
look for new
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oil took Tourism
an unprecedented and energy
dive into negative pricing,are particularly
meaning exposed today. Our colleagues
storage operators seem that potential renters are favoring these markets for the relative job security they offer.
Some markets are not behaving as expected. Orlando, Florida, stands out as a market where
https://product.costar.com/home/news/shared/1708394502?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content… 1/5
at actually
were STR report
paid to that 100% There
take delivery. of markets
are otherare reporting
employment riskshospitality RevPAR
as well, but many are losses week over week 5/5/2020 CoStar News - Recent Apartment Searches Offer Early Hints About Future Demand
jobs are drying up quickly, yet the area still sees demand. Search results may yet catch up to
more evenly spread between markets than energy and tourism.
now, and have for the past four weeks. Energy markets are in turmoil, as West Texas Andrew
what
Some Rybczynski
is expected.
marketsDisney’s is abehaving
managing
are decision
not to suspend consultant
aspay with CoStar
for 100,000Orlando,
expected. workers as its Advisory
amusement
Florida, Services
stands out as in Boston.where
a market This
Intermediate oil took an unprecedented dive into negative pricing, meaning storage operators parks are closed does not bode well for the market, nor does its declining hotel occupancies or
article
jobs areincludes contributions
drying up quickly, yet by
theJordan Silton,
area still seessenior director
demand. forresults
Search searchmay
engine
yet optimization
catch up to
https://product.costar.com/home/news/shared/1708394502?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content… 2/5 drop in airline travel.
were actually paid to take delivery. There are other employment risks as well, but many are and
whatanalytics, andDisney’s
is expected. Yafet Tamene,
decisionmanager for data
to suspend pay science.
for 100,000 workers as its amusement
more evenly spread between markets than energy and tourism. In many respects, recent search results re ect long-held expectations about how migration
parks are closed does not bode well for the market, nor does its declining hotel occupancies or
cycles tend to reset in downturns. There is still a lot of research to be done on this particular
drop
900 OLD KOENIG / 5916 N LAMAR | REVISED in airline travel.
2020.06.17
economic slowdown, which came about in an unusual way.
21
 NEWSWORTHY NORTH AUSTIN INVESTMENTS
10 MILES FROM PROJECT SITE
6 MILES FROM PROJECT SITE

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 22

 FOR THE EXCLUSIVE USE OF INFO@BCARC.COM From the Austin Business Journal:
https://www.bizjournals.com/austin/news/2018/09/06/facebook-to-eat-up-big-chunk-
From the Austin Business Journal: Facebook to eat up big chunk of Austin's second
of-austins-second.html
https://www.bizjournals.com/austin/news/2019/08/19/site-plan-approved-for-austin-fc-stadium.html
NEWSWORTHY NORTH AUSTIN INVESTMENTS
downtown, sources say
Executives with Austin-based Endeavor and Dallas-based TIER would only confirm the entire
Site plan approved for Austin FC stadium 5 MILES FROM PROJECT SITE Facebook
17-story tower
Social media giant
to
under
eat up big
construction
would
chunk
hadwith
be neighbors been
ofinAustin's
secured by
HomeAway a member
Domain
second
of the Fortune 100.
Northside
downtown,
Domain 12 will
 SUBSCRIBER
sources
be about
CONTENT:
say feet. Completion
320,000 square 6 MILES is
FROM PROJECT in
expected SITE
the fourth quarter
State of the Stadium event planned of 2019.
Sep 6, 2018, 7:35am CDT

Aug 19, 2019, 2:44pm CDT Updated: Aug 20, 2019, 12:05pm CDT Social media giant would be neighbors with HomeAway in Domain Northside
It is directly east of Domain 11, the 16-story building entirely leased by HomeAway Inc. that
HomeAway
 SUBSCRIBERdid it. Indeed, too. Now Facebook is
CONTENT:
topped out in April and is nearing completion.
See Correction/Clarification at end of article choosing
Sep to split
6, 2018, 7:35am CDTin a major way its workforce between

downtown
If Facebookand what'sFB)
(Nasdaq: becoming known
is indeed as Austin's
the tenant, it would mark a major expansion for the
Austin FC has cleared another major hurdle on its road to playing in 2021.
second downtown.
HomeAway
California-based did it.company
Indeed, too. Now Facebook
in Austin. It employsisabout 700 people at the 300 West Sixth
A site plan for the Major League Soccer stadium in North Austin has been choosing
tower to split in aAustin
in downtown majorand
wayhas
its leased
workforce between
about 250,000 square feet in the Third + Shoal
approved by the city, Development Services Department spokeswoman The developer of North Austin's next tallest tower
downtown and
skyscraper what's
under becoming
construction byknown as Austin's
TIER REIT. In The Domain, Facebook already leases three
Sylvia Arzola said Aug. 19. announced this week that a Fortune 100 company has
second
floors ofdowntown.
the Domain 8 mid-rise, in the same building as Amazon.com Inc.
chosen to take all of the Domain 12 tower being built
Arzola said the flatwork site plan, which has to do with site preparation in is
The Domain Northside.
developer of NorthFacebook
Austin's next tallest
keeptower
GENSLER
GENSLER It not clear whether would its existing leases at Domain 8 and at the West
like grading and erosion control, was approved Aug. 12. That work can A rendering of the Domain 12, left, and Domain 11
announced
Sixth tower this
evenweek
afterthat
the a Fortune
new office100 company
towers Third +has
Shoaloffice
and Domain
looking 12 are
the complete.
Austin FC's stadium is expected to open in the
towers from east.
now begin, Arzola said. spring of 2021. Several sources told Austin Business Journal the
chosen to take all of the Domain 12 tower being built
tenant
In was to
addition Facebook
movement Inc.onThethesocial media
Domain giant TIER (NYSE:
12 front, TIER) said this week it would
Some regulatory hurdles remain. Arzola said vertical construction on the in Domain Northside. GENSLER
neither
start confirmed in
construction nor denied on
October its the
involvement: "We don’t have
300,000-square-foot anything
Domain
A rendering of 10, tonew
the Domain 12,to
the share
north
left, and of about
Domain 11
actual stadium cannot begin until a different phase of the site plan and building plans are also approved,
office towers looking from the east.
our facilities
Several
Domain sources
11 andin 12.
Austin at thisBusiness
told Austin time," Kyle Gerstenschlager,
Journal the a member of Facebook's
adding that timeline can vary on a case-by-case basis.
corporate
tenant wascommunications
Facebook Inc. The team,
socialwrote Wednesday
media giant in an email.
Still, the Aug. 12 approval is another major step for Austin FC to launch as Major League Soccer's 27th franchise Domain 12 and Domain
neither confirmed 10 are being
nor denied developed"We
its involvement: by TIER
don’tand
have Austin's
anything Endeavor
new toReal share Estate
about
in the spring of 2021. The team's stadium deal was allowed to proceed by Austin City Council a year ago last The Austin
Group. American-Statesman,
Go here for more on the quoting anonymous
expansive growth plans real
forestate sources,including
The Domain, also reports that
our facilities in Austin at this time," Kyle Gerstenschlager, a member of Facebook's more
August, its lease with the city executed last December and its request to rezone the stadium site approved this tenant
than is Facebook
600,000 squareInc.
feet ofteam,
offices on the site of a current surface parking lot.
corporate communications wrote Wednesday in an email.
June.
This
In comesto
addition asAmazon
Facebook eats
and up even more
HomeAway, spaceisdowntown
Facebook surrounded in a new towerofcalled
otherThird +
The Austin American-Statesman, quoting anonymous real estateby a bounty
sources, tech
also reports that
Austin FC officials have previously said they want to break ground on their $242 million soccer stadium Shoal.
companies
tenant at The Domain
is Facebook Inc. ranging from software maker Accruent LLC to prosthetics-limbs
development, located on 24 acres at McKalla Place near The Domain, this September.
manufacturer Ottobock to Indeed Inc. — the job-placement website that has leased all
TIER REIT Inc. is the co-developer of Domain 12 — one of a series of office high-rises it is
This comes
310,000 as Facebook
square eats upTower
feet of Domain even on
morethespace
southdowntown
side of thein a new tower called
development. Third
The area is +
More details on the stadium's development are expected later this week. Austin FC and its new parent building in North Austin. It has worked with The Domain's original developer, Endeavor Real
company, Two Oak Ventures, will hold an Aug. 21 State of the Stadium event for media and invited guests to Shoal.
quickly becoming Austin's second urban core, with lots of shops, restaurants and bars as
Estate Group, to flesh out a large portion of what's known as Domain Northside.
provide general project, design and construction timeline updates, including "milestone dates" for the project. well as multiple office tower and hundreds of apartments, plus a Major League Soccer
TIER REIT Inc. is the co-developer of Domain 12 — one of a series of office high-rises it is
stadium proposed just to the south.
Austin FC and Two Oak Ventures leadership will speak at the event, as well as development team members building in North Austin. It has worked with The Domain's original developer, Endeavor Real
from construction manager Austin Commercial, architect Gensler and project manager CAA ICON. Estate Group, to flesh out a large portion of what's known as Domain Northside.

Correction/Clarification

This story has been updated due to incomplete information first provided by the city of Austin about the different phases of site plan900
approval.
OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 23
Land Value Appreciation of Transit Oriented Development

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 24

 MUELLER DEVELOPMENT OVERVIEW
3.3 MILES FROM PROJECT SITE

1135 GUNTER ST.

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 25

Estimate of Costs ACC HIGHLAND DEVELOPMENT OVERVIEW
1.0 MILES FROM PROJECT SITE
Phase II Project Estimates
The construction market in Austin and Central Texas has rebounded quickly Project Estimate A Project Estimate B Project Estimates of Facilities for Future Phases
from the slowdown that occurred as the result of the 2009 stock market Project Budget Limitation: $152,800,000 $152,800,000 A. Renovation of Remainder of Existing Facility
correction and following recession. Major private and public sector projects Construction (387,000 GSF @ $212/SF) 82,044,000
Site Infrastructure $ 29,800,000 $ 17,800,000
that will commence construction in 2014 and 2015 will continue to increase Allowance: Equipment & Furnishings 14,000,000
demand of subcontracting trades and supply of materials. These factors will Asbestos Abatement $ 12,000,000 $ 12,000,000 Soft/Development Costs 11,000,000
likely create increases in overall construction costs that will be greater than Allowance: Contingency 8,000,000
the annual rate of inflation compared to other areas of the economy. Equipment & Furnishings: $ 15,000,000 $ 15,000,000 Total Estimated Costs $115,044,000
ACC Highland Phase I construction costs provide a valid foundation Soft/Development Costs: $ 12,000,000 $ 12,000,000
B. Parking Garage 1
to build a cost projection model. However, the rapidly expanding Total Construction Budget: $ 84,000,000 $ 96,000,000
Construction (643,125 GSF @ $52/SF) 33,440,000
construction market will create periods of volatility due to fluctuating Construction $ 8,000,000 $ 9,000,000
Contingency: Equipment 2,000,000
availability of subcontracting trades. The cost ramifications of this volatility
Adjusted Construction $ 76,000,000 $ 87,000,000 Soft/Development Costs 4,000,000
are difficult to project. Based on these factors, considerations for cost
Budget: Contingency 3,000,000
management are incorporated herein.
Gross Renovated Area Total Estimated Costs $42,440,000
First, all costs have been estimated based on current market conditions of per Budget: 358,500 SF 415,000 SF
C. Parking Garage 2
the second quarter of 2014. These costs were then increased at the rate
Construction (555,000 GSF @ $52/SF) 28,860,000
of 5 percent annually for three years. The three year projection places the
Equipment 2,000,000
final projected costs at the middle of the proposed construction period. includes not only the renovation and infrastructure improvements,
Soft/Development Costs 4,000,000
It should be recognized that adjustments to scope may be required to including total roof replacement, required to address the programmatic
Contingency 3,000,000
compensate for cost increases not mitigated by the 5 percent inflation functions; but two areas of improvements that have established fixed
Total Estimated Costs $37,860,000
rate or the application of construction contingency identified in the amounts or allowances. These include asbestos abatement and site utilities/
estimate structure. Finally, as identified within the estimate summary, roadway improvements. Therefore, the estimate is structured to identify D. Parking Garage 3
certain budget allowances for Phase II and future phases, such as site these established allowances as well has the general renovation costs. Construction (262,000 GSF @ $55/SF) 14,410,000
infrastructure, could be reallocated to this Phase to address potential Equipment 1,000,000
budget shortfalls. This would require future phases to include the cost of Project Estimate A maintains a Site Infrastructure Allowance that would
Soft/Development Costs 2,000,000
site infrastructure at the time the phase is initiated. be utilized to support development of future phases. By maintaining this
Contingency 2,000,000
allowance and a reasonable construction contingency the Gross Area
A dollar per square foot value has been calculated for two categories of Total Estimate Costs $19,410,000
that can be renovated is approximately 15% less than the desired area
programmed space. Circulation space and general non-assignable space identified by the Space Program. E. Performing Arts Center
like mechanical, electrical rooms and toilets are estimated at $190 per Site Improvements 2,500,000
square foot. Instructional and ancillary areas have been estimated at $230 Project Estimate B reallocates $12,000,000 from the Site Infrastructure
Allowance for future phases to the construction budget for this phase, Construction (63,800 GSF @ $405/SF) 25,840,000
per square foot. Based on the ratio of circulation space to net assignable Equipment & Furnishings 4,000,000
area identified in the Space Program, an average cost per gross square which allows the construction budget to support the renovation of the
entire Space Program identified for Phase II. Soft/Development Costs 4,000,000
foot of renovation scope is estimated to be $212. Contingency 3,000,000

Estimate Summary
Although it is undetermined when the scope of subsequent phases may

of Costs
It is also noted that the estimated costs identified herein do not include the Total Estimated Costs $39,340,000
cost for design and construction of the central chiller plant, and its equipment. occur, project costs have been developed for the respective components
consistent with the same process described with Phase II estimates, and F. Convocation/Events Center
It has been assumed that ACC will incur the cost for the underground main
projected to 2017 dollars. Site Improvements 2,500,000
distribution line from the plant location to the existing facility.

Executive
Construction (75,100 GSF @ $305/SF) 22,905,000
Finally, it is recognized that the scope of work and associated soft costs Equipment & Furnishings 4,000,000
of Phase II has a budget limitation of $152,800,000. The scope of work Soft/Development Costs 3,600,000
Contingency 3,000,000
Total Estimated Costs $36,005,000
Note: Depending on actual construction costs of Phase II, and allocation of site allowance
budget, these projects may require additional funding to address site infrastructure costs. 55
900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 26
 THE GROVE DEVELOPMENT OVERVIEW
2.3 MILES FROM PROJECT SITE

About the Grove

The Grove spans 75 acres which includes 180,939 SF

of Class A office space, luxury and sustainable homes,
responsible local retailers and all daily conveniences of
a flourishing neighborhood. A 16 acre signature park is
featured on the property as well as 20+ acres of green
space, upscale homes, specialty retail, gourmet cafes,
creative work spaces and versatile corporate offices.

140,000 SF Retail

180,939 SF Office

1,098 Multifamily Units

500+ Townhomes/Condos

34 Single Family Lots

20+ Acres of green space

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 27

 ARCHITECTURAL PRECEDENTS

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 28

 SUSTAINABILITY

Site-responsive design Public transit connectivity Photo-voltaic solar power generation

Preservation of trees & open space Electric vehicle charging stations Water conserving landscape & fixtures

Walkable community High-performance envelope Healthy Indoor Air Quality

Bike connectivity & parking Passive solar shading design Sustainable sourced materials

Austin Energy ‘Green Choice’ power

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 29

 CONTACT INFORMATION

Calvin Chen Michael Morris

powei@bcarc.com michaelm@bcarc.com
512.481.0092 214.709.7190

WEBSITE: www.bcarc.com
INSTAGRAM: @bercy_chen_studio
BEHANCE: www.behance.net/bcstudio

900 OLD KOENIG / 5916 N LAMAR | REVISED 2020.06.17 30