"We've been waiting for it to be announced," says Richard Lapp with Dallas-based Joe Foster Co. He tells GlobeSt.com that the buyer is an Atlanta-area developer who's invested $3.85-million into a land play to get a development site for an estimated $30-million project at the southeast corner of Parmer Lane and Dessau Road. Ground will break within 90 days on an as-yet unnamed, 316-unit complex. He says the Mark Humphreys' Big House design should deliver in spring 2007.
The deal's sole broker says he'd been talking with the developer "at least three years." He credits Samsung's decision and Austin's improved multifamily market with pushing the deal across the finish line. Mona McMahan of LandAmerica Austin Title Co. handled the closing for the developer's Central Texas inroad.
The upcoming project will boost Parmer Park to nearly 1,000 apartments and will be the closest rental to Samsung's gates. "There isn't any other development in that immediate neighborhood," he says. South of the plant is an under-construction 2,200-lot Pioneer Crossing, also with a multifamily component. But, Lapp quickly points out the Parmer Park project will be the first to open its doors.
The seller, Blenheim Corp., has 41 acres left to sell from its 1999 investment into 115 acres. The hard corner, zoned for retail, is being marketed for $6.75 per sf.
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