AUSTIN, TX – Endeavor Real Estate Group and joint venture partner MetLife Investment Management (MIM), MetLife Inc.’s (NYSE: MET) institutional asset management business, have broken ground on a 30-tale mixed-use tower in the Rainey Street District.

The Quincy will include: Ground-level retail with separate, dedicated residential and office lobbies. The retail space totals approximately 10,360 square feet and includes one level of below-grade parking. Seven floors of above-grade parking, including an office parking ratio of up to three spaces per 1,000 square feet. Three floors of Class A office space, totaling approximately 77,540 square feet. Features include outdoor terraces with lake views, secured bike storage, a dedicated ground floor lobby separate from the residential tower, and showers on every floor. 19 floors of residential units, with a total of 347 apartment homes for lease. Resort-style amenities designed to take full advantage of the outdoors, including: a lush terrace complete with a pool, firepit, cabanas, observation deck and an exercise lawn. Coupled with a 30th floor indoor/outdoor sky deck overlooking Lady Bird Lake, there will be a dog grooming spa, sports lounge, media room, large co-working space and business center, ample package lockers, as well as a lounge to serve as a waiting area for transportation networking companies like Uber and Lyft.

The Quincy is anticipated to open in the first quarter of 2021, with market analysts noting that the tower will be the first in the Rainey Street district to combine retail, office and residential uses all in one building within that district. The entire building will merit two stars from the Austin Energy Green Building rating system.

“The Rainey Street District has evolved into a thriving, organic, walkable neighborhood full of unique bars, restaurants, hotels and housing adjacent to Lady Bird Lake on the hike and bike trail. The Quincy will weave nicely into the fabric of the neighborhood and establish a new front door to the district,” said Jamil Alam, managing principal for Endeavor.

Kurt Day, managing director, Real Estate, MetLife Investment Management said: “Since first investing in the downtown Austin market more than 30 years ago, we have continued to see the city evolve into an attractive convergence market. This partnership opportunity with Endeavor on The Quincy pulls together many of our favorite traits about mixed-use developments, and we are excited about contributing to the evolution of the Rainey Street district.”

The Quincy’s site on Red River Street is bounded by Driskill Street to the north and Davis Street to the south, where two parking lots presently reside. Nearby, a new Whole Foods Market is slated for Saltillo, another Endeavor project, located between 4th and 5th Streets, along IH-35. Even closer are the Austin Convention Center and two major hotels, Hotel Van Zandt and Fairmont Austin. Some of the region’s hottest restaurants, like El Naranjo, Emmer & Rye, and Iron Works Barbecue, are a small walk away. Additionally, the site offers immediate access to Lady Bird Lake – along with its renown Ann and Roy Butler Hike & Bike Trail.

Ziegler Cooper Architects designed the 360-foot-tall tower, while Kimley Horn is serving as the project’s engineer, Brockette Drake Davis is acting as the structural engineer and Blum Consulting Engineers is acting as the MEP engineer. IBC Bank is the lender on the project and Rogers-O’Brien Construction Company Ltd. has been brought on to serve as general contractor. Endeavor will handle retail and office leasing for the project.

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RICHMOND, VA – HHHunt Corporation, a diversified regional leader in real estate development, building and management for over 50 years, announced a $128.4 million investment in the development of new senior living communities. 

One of the Mid-Atlantic’s largest regional real estate leaders, HHHunt is committed to continuing its intentional, strategic growth. The company’s revenue surpassed $500 million in 2018 and has grown by over 70% in the past five years. HHHunt is actively pursuing new development opportunities in 2019.

“HHHunt has over two decades of experience in the senior living sector and we are committed to continued growth.  Our focus is on innovative thoughts that will best meet the changing needs of the senior population,” said Dan Schmitt, president and COO of HHHunt.

HHHunt’s Senior Living division will open two new communities this year in Maryland, including Spring Arbor of Croftonand Spring Arbor of Frederick. Construction of a third new senior living community in Maryland, Spring Arbor of Olney, is underway. 

HHHunt also plans to start construction on a new community in Virginia dedicated to memory care needs, Spring Arbor Cottage of Fredericksburg. These four new senior living communities in Maryland and Virginia will serve more than 365 residents and represent $128.4 million in total investment in these senior living communities.  

“Our vision is to improve the world and how people live,” said Janet Riddlebarger, president of HHHunt’s Asset Management Group. “Our growth and continued investment highlight our confidence in the quality communities we develop and our incredible teams.” 

HHHunt currently owns and manages 21 senior living communities.

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DENVER, CO – TruAmerica Multifamily has bought in separate transactions, Loretto Heights, a 312-unit apartment community in Denver, CO for $72.25 million and Legends at Lake Mary, a 272-unit apartment community in Orlando, FL for $54 million.

Following an active 2018 with acquisition volume of nearly $1 billion, TruAmerica has now made more than $300 million in multifamily investments in the first two months of the year, including its first in the state of Georgia.  With Loretto Heights and Legends at Lake Mary, the Los Angeles-based multifamily investment firm increases its already substantial footprints in two of the strongest multifamily markets in the country, according to Head of Acquisitions and Co-Chief Investment Officer Matthew Ferrari. 

“Both Denver and Orlando benefit from sound multifamily fundamentals including continuing job and population growth, and a limited supply of new rental housing to meet demand,” said Ferrari. “The ability to buy both properties at a significant discount to new construction allows us to improve the properties to compete with higher priced product in the area, but still keep rents in line for our residents.”

TruAmerica now owns and operates five properties in Denver totaling approximately 2,000 apartments.

Built in 1988, Loretto Heights is located 15 minutes from Downtown Denver, which is home to 133,000 daytime employees and has experienced a 74 percent increase in tech employment since 2010.  It is also centrally located to a variety of major employers such as Oracle, United Healthcare, and TransAmerica. Denver has one of the most diverse economies in the country, with no major industry making up more than 18 percent of its total employment.

With only 61 of the 312 apartments fully upgraded, Loretto Heights, represents an attractive value-add opportunity.   In addition to bringing the remaining homes to fully renovated status with new stainless steel appliances, hard-surface flooring, stone countertops and modern lighting and plumbing fixtures, TruAmerica will upgrade the exterior and common areas to enhance the property’s overall curb appeal.  

HFF’s Denver office led by Jordan Robbins and Anna Stevens represented both parties in the transaction.   

As a Freddie Mac Select Sponsor, TruAmerica leveraged the acquisition with attractive financing through the agency’s 10-year floating rate program, arranged by Charles Halladay, Michael Gigliotti and Jamie Kline of HFF.  

Legends at Lake Mary is TruAmerica’s eighth asset in Orlando and increases its Florida holdings to more than 4,400 apartments. Other assets are located in Boynton Beach, Fort Myers and Tampa-Clearwater.

Legends at Lake Mary is a low-density community (8.3 homes per acre) located in one of the most affluent submarkets in the Orlando MSA.  Bordering the Timacuan Golf Club, the property features 18, two-tale wood frame buildings housing a mix of one-, two-and three-bedroom homes, each with an attached garage.

“Rising construction and land costs have made it economically unfeasible to replicate this type of property in the current market environment, which truly makes Legends at Lake Mary an irreplaceable asset,” added Ferrari.   

Over the last five years, Orlando has averaged job growth of 3.9 percent, far surpassing the national average.  Additionally, Orlando’s population grew by 17.6 percent from 2010-2017, making it the third fastest growing city in the country. 

While the property has been well maintained only a small percentage of the homes have been upgraded since its construction in 1997. In addition to full interior unit renovations including new appliances and modern finishes, TruAmerica also will make improvements to the community’s numerous amenities including the clubhouse, fitness center, tennis and volleyball courts, and pool areas in order to improve the quality of living for the residents. 

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