CBRE Marketing 16-Story Luxury MF Asset

AUSTIN-The CBRE Central Texas Multi-Housing Group has listed Whitley, a class A, core-quality residential high-rise in the heart of the Austin central business district.

Charles Cirar, with CBRE, is representing a joint venture between Riverside Resources and Principal Real Estate Investors in the marketing and sale of the property.

Whitley is a 16-story residential tower with 266 luxury residential units averaging 837 square feet, 2 fully furnished guest suites, and ground-level retail. The 222,666-square-foot residential area is 62% occupied and 68% leased, as of September 9, with stabilization projected by November 2013.  The 12,062-square-foot retail space is 100% occupied by Uncle Julio's Restaurant and Royal Blue Grocery.

Property amenities include structured parking and 25 private vehicle garages, conference room, theater, coffee bar, aqua lounge, fitness center, dog park, covered yoga terrace and cityscape pool. Whitley offers 17 different floor plans and all units feature granite countertops; wood flooring; stainless steel Whirlpool appliances and full-size Whirlpool washers and dryers; individual HVAC units; and dual-paned, tinted floor-to-ceiling windows in many units.

The asset is located at 301 Brazos, one block from the Austin Convention Center and within three blocks of more than 4.6 million square feet of office space. It was completed in 2013. Adjacent to the property is a 1,000-room JW Marriott, presently under construction. Adding to the appeal of the property, Whitley is surrounded by multiple entertainment districts, including Sixth Street and the Warehouse District, and has a Walk Score of 98 out of 100.

The property has a pending LEED certification and Austin Green Building 2-Star certificate.

Principal Real Estate Investors manages or subadvises $47 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.

CBRE Group, Inc., headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue).  The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.