[JoninATX]

Amstar and Transwestern to Build Mixed-Use Apartment Property on South Lamar in Austin

Austin, Texas (May 29, 2012) – A partnership comprised of Amstar and Transwestern today announced the purchase of seven acres fronting on South Lamar Boulevard in Austin, Texas, on which the partners will develop a mixed-use, highly amenitized multifamily property. The in-fill development, named The 704, will include approximately 380 multifamily units and 20,000 square feet of new retail and restaurant space. The property will be built immediately to the north and south of the Broken Spoke, a landmark Texas country-western dance hall, which will remain. Construction will begin this summer and the property will deliver during the second half of 2013. Amstar, a real estate investment manager based in Denver, partnered for The 704 with Transwestern’s local development team, led by Ty Puckett.

“We are excited to be working with Ty and the team at Transwestern to bring this property to life. We are also confident our design, amenities, retail offerings and easy access to downtown and Southwest Austin will make this a fantastic place for our residents to enjoy an authentic Austin lifestyle,” said Amstar Chief Operating Officer G. Douglas Wiley.

The apartments will be an optimal mix of one- and two-bedroom units with a five-level parking garage providing one parking space per bedroom. Unit amenities will include Class A finishes such as granite counter tops, generous closets, full-size balconies and washer/dryers in each unit, and many units will have views of the downtown skyline and the Barton Creek Greenbelt. Some of the ground floor-units facing South Lamar are designed as live-work units, offering small local business-owners highly desirable South Lamar signage opportunities.

http://www.amstarglobal.com/index.ph...on-south-lama/