Austin

The strong Austin economy and the sustained growth in the technological sector, mixed with increasing visitation, appeals more and more to investors. Recently, Dallas-based Ashford Hospitality Trust announced that it has signed an agreement to acquire Lakeway Resort & Spa for $33.5 million. The acquisition should close within the next 30 days, and Remington Lodging will take on the management responsibilities. The seller is the joint venture formed by Dow Hotel Co. and the Carlyle Group.

The previously announced intention of Moody National REIT to purchase the Hilton Garden Inn Austin NW/Arboretum has come to fruition. Holliday Fenoglio Fowler has announced closing the sale after having exclusively marketed the property on behalf of the seller. Moody National REIT has purchased the hotel free and clear of existing debt.

A new senior lifestyle apartment community will break ground in Austin, owned by Civitas Senior Living, LLC. Ledgestone Senior Living will offer not only independent and assisted living apartments, but also a memory care cottage; the complex will enter the construction phase in June 2015, becoming the seventh property in the company’s portfolio.

Trammel Crow Company in partnership with Principal Real Estate Investors announced the acquisition from the City of Austin of the Green Water Treatment Plant (GWTP) lot known as 500 W 2nd Street in downtown Austin. Construction of a 29-story office tower is scheduled to begin immediately, with the finalization date set for the first quarter of 2017.

Denver-based multifamily investment and management firm Griffis Residential announced the acquisition of Class A multifamily community, The Orchard Apartments. Post-acquisition, the complex has been renamed Griffis La Frontera to convey with the company’s persistent brand excellence and its location in the La Frontera commercial park.

Located northwest of Austin, Leander is seeing an increased development activity thanks to the flourishing business segment in Austin. This attracted Houston-based Rockspring Capital, a privately-owned real estate investment firm, to acquire a 28.44-acre land parcel. The price of the transaction has not been disclosed.

The Westin Austin Downtown Hotel that broke ground on August 5th has recently celebrated the completion of its structural construction. The 20-story, 366-room hotel located on the northeast corner of East Fifth Street and San Jacinto Boulevard is scheduled to be finalized by June 2015.

A Hyatt affiliate has acquired its partners’ 92 percent interest in the Hyatt Regency Lost Pines Resort and Spa near Bastrop, announced Hyatt Hotels Corporation. The price of the transaction was oft approximately $143 million.

Already the owner of 5.1 million square feet of commercial space in the state of Texas, PS Business Parks, Inc. announced the acquisition of another multi-tenant industrial building in Austin. The transaction adds another 246,000 square feet to the 2.0 million square feet the company already owns in the city.

Oden Hughes, an Austin-based multifamily developer, broke ground on the second phases of two communities in south Austin: Landmark Southpark and Landmark Double Creek. In total, 561 new apartments will be brought on the market.