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May 30, 2018  

Trammell Lists High-Rise Austin Apartments

A Trammell Crow partnership is pitching an Austin apartment building that could attract bids north of $325 million.

The 38-story Northshore, at 110 San Antonio Street in the Central Business District, encompasses 439 apartments, 52,000 square feet of office/retail space and two garages.

High Street Residential, a subsidiary of Dallas-based Trammell, and Hanover Co. of Houston completed the property in 2016. They have given the listing to CBRE.

The cascading building has setbacks at Floors 5, 14 and 28. The commercial space, which is fully leased, is on the lower four floors. The upper floors house the residential component, which is 97% occupied, and the amenity space. The garages — one underground and the other attached — have 810 total spaces.

There are 389 market-rate apartments, which average 1,116 square feet, and 50 affordable-housing units, which average 551 sf. Rents at the market-rate units range from $2,104 for one bedroom to $9,739 for three bedrooms.

Overall, the average rent is $3,522, well above the $2,248 average for downtown apartments at yearend, according to Marcus & Millichap. The submarket’s average rent soared 12% last year.

The apartments have minimum 9.5-foot-high ceilings, floor-to-ceiling windows with solar shades, LED track lighting and smart thermostats. The amenities include a high-end fitness center, a business center, three screening rooms and a 17,000-sf pool deck with grilling stations that overlooks Lady Bird Lake. Residents are 41 years old on average and earn $339,000 a year.

The two office tenants are software-coding school Galvanize (24,000 sf until 2026) and Digital Turbine (8,000 sf until 2024). The retail tenants are led by restaurants Le Politique (7,000 sf until 2027), ATX Cocina (6,000 sf until 2027) and Torchy’s Tacos (4,000 sf until 2028).

Downtown Austin has more than 10.8 million sf of office space that is 92% occupied, according to marketing materials. The number of jobs across the city has grown by 34%, or nearly 265,000, in the past decade.