Friday , 30 September 2016
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Broken Spoke: CWS Capital Partners Buys Project Surrounding Landmark Texas Dance Hall

AUSTIN – The 704 mixed-use project which wraps around the famous Broken Spoke country and western dance hall has been purchased by CWS Capital Partners, a multifamily firm based in Newport Beach, Calif.

 The 704 is a 378-unit multifamily property with almost 20,000 square feet of boutique retail and restaurant space developed in 2012 by a partnership comprised of Denver-based Amstar and Transwestern Development Co. of Houston.

A Texas landmark, the Broken Spoke has hosted country music legends ranging from George Strait to Willie Nelson. The dance hall continues to operate at that location as it has for many years.

The 704 project is located at 3401 S. Lamar in Austin.

 “It’s exciting to see this unique project come full circle,” said Ty Puckett, executive vice president of Transwestern Development Co. “Despite the massive amount of multifamily development in the Austin area, units are being absorbed almost as quickly as they are being delivered, with occupancy remaining in the mid-90 percent range. This presented a highly favorable opportunity to bring a top-quality, stabilized asset like The 704 to market.”

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

CWS has apartments in Austin, Dallas/Fort Worth, Houston, and San Antonio and in other metropolitan areas across the nation including Atlanta, Denver, Charlotte, Raleigh, Sacramento, Seattle, and Tempe.

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