Amstar, Transwestern Broker Sale of The 704

AUSTIN—Denver-based Amstar, on behalf of one of its public retirement system clients and in conjunction with its partner, Transwestern Development Co., has announced the sale of The 704, a class A mixed-use apartment property in Austin. The buyer and sale price were not disclosed.

The 704 is a 378-unit multifamily property with almost 20,000 square feet of boutique retail and restaurant space. The Amstar/Transwestern Development Co. partnership acquired the seven-acre site in May 2012 and developed the property, which features a locally inspired distinctive design, luxury finishes and abundant common area amenities. DPR Construction acted as the general contractor.

“Austin is a hot area for investors right now, as its economy is growing steadily and workers are flooding the region,” Josh Delk, associate vice president, Transwestern Development Co., told GlobeSt.com. “This has specifically buoyed the multifamily sector, pushing rents up consistently. These market conditions are ideal to bring a high-quality, stabilized asset like The 704 to market and achieve maximum return on investment.”

The 704, located at 3401 S. Lamar, surrounds the Broken Spoke, a landmark dance hall. The property's other retail space is leased to a variety of local and national tenants including a Roma Italian Kitchen and World of Beer tavern. The residential community features an ozone-filtered, resort-style pool and a separate 25-yard lap pool, both of which are surrounded by pergolas and outdoor kitchens.

Additional amenities include fitness and yoga studios, a splash lounge and a rooftop patio featuring a fire pit and outdoor kitchen. There is an approximate 200-foot elevation decline between The 704 and the Austin Central Business District, affording the rooftop patio with signature skyline and Barton Creek Greenbelt and West Austin views.

Charles Cirar from CBRE's Austin office represented the seller.