Eleven will consist of 257 units in a four-story podium style building above a two-story parking structure.

The City of Austin in conjunction with the Austin Urban Renewal Agency has invested nearly $20 million into the East 11^th Street neighborhood over many years, with the intention of jumpstarting new construction from private developers. The Eleven apartments, along with several new mixed use retail and office buildings, restoration projects and city investment will contribute to the area turning the corner into a growing district.

BGO Architects designed Eleven and the interior design is created by Leslie Fossler Interiors. Construction will begin within 30 days.

ALBUQUERQUE, NM — The 232-unitLa Ventana  located at 12200 Academy Road NE in Albuquerque has been sold to MPLA Ventana Apartments LLC of Los Angeles, Calif. La Ventana was built in 1995. The transaction was negotiated by Bill Fox (Albuquerque), Art Wadlund (Tucson), Mark Forrester (Phoenix), and Ric Holway (Phoenix) of Hendricks & Partners on behalf of the seller, GFPG 12200 Academy Road ABQ II, LLC of Lakewood, Colo.
WILLISTON, N.D. — A new property in the Bakken Shale,  the Williston Garden Apartments is 100 percent pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer.  Investors Real Estate Trust (IRET) owns a majority interest in the project.

HOUSTON – Wood Partners will begin construction in May on Alta Heights, a 256-unit project at 145 Heights Blvd., near Washington Ave.

 FOR MORE APARTMENT NEWS  click here.

“The completion of this portfolio sale is a significant step in our previously outlined capital recycling initiative and effectively positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry, strong growth potential and strong demographics,” said Drew Alexander, President and Chief Executive Officer.

The portfolio is comprised of 52 industrial properties, aggregating approximately 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia.

The buyer of the portfolio was DRA Growth and Income Fund VII. David Luski is President and CEO of DRA Advisors LLC. J.P. Morgan Securities LLC served as financial advisor to Weingarten on the sale.

The HFF team representing the seller was led by senior managing director Bill Stadler and managing director John Bourret.

BC Lynd integrates The Lynd Companies’ management infrastructure and proprietary technology systems with the extensive hospitality experience of BC Commercial Partners.

River Point was designed by architectural firm Pickard Chilton and will be built at 444 West Lake Street on the western bank of the Chicago River near two rail hubs in the West Loop, overlooking the river towards Lake Michigan. Containing approximately 900,000 square feet of leasable space, the project also calls for construction of a majestic 1.5-acre public park atop the existing rail infrastructure that will connect the tower and its 450-linear feet of newly landscaped walkway to the Chicago Riverwalk. The tower is pre-certified LEED Gold.

“This unprecedented expansion of the West Loop is the most significant modification to Interstate 610 in years,” said Mark Sikes, principal with Deal Sikes & Associates. “The acquisition of this much West Loop frontage is an extremely rare and noteworthy property purchase that will lead to the expansion of US Highway 290 and a noticeable change in Houston traffic patterns.”

Deal Sikes & Associates, a leader in eminent domain consulting, is providing valuation counseling for a significant number of the land owners impacted by the West Loop North widening. Some 30 parcels, located primarily on the west side of Interstate 610, between the Katy Freeway and Highway 290, are in the process of being acquired by the state.

“We consider there to be significant disparity between market value and what TxDot has offered to pay for the West Loop frontage. We are working with the private property owners, ensuring they will receive a fair price from TxDot,” said Sikes. Sikes previously served as a consultant for the majority of commercial property owners contesting compensation amounts offered by the state in the Katy Freeway widening, prior to becoming the leading Highway 290 eminent domain consultant today.

Several well-known retail locations are being obtained for the West Loop North expansion, including the Antique Center of Texas building; the former Malibu Grand Prix entertainment center; and a portion of Macy’s and Northwest Mall.

The land acquisitions are part of the planned TxDot expansion to relieve traffic congestion on Highway 290 in northwest Houston.  As residential and commercial development has boomed in the northwest over the last decade, traffic issues have become acute.

1. Metropolitan Life purchase of  Reynolds Plantation 70 miles east of Atlanta, which includes The Ritz-Carlton Lodge, six  golf courses, four  marinas and nearly 5,000 acres of undeveloped golf and waterfront property.

2. Prudential Real Estate Investors,  in a joint venture with Lodging Capital Partners, acquired the 291-room Austin Four Seasons hotel in Austin.  In April, PREI purchased the Axis apartment development on Atlanta’s perimeter for $53.5 million. PREI also is expectd to buy the 20-story Ten Peachtree Place in midtown Atlanta from a partnership between Cousins Properties and Coca-Cola.

3. USAA Real Estate Co. and GlenStar Properties LLC purchased the landmark Chicago Board of Trade Building, a 1.3 million sf project.

For the full story: http://www.okcreview.com/nationalnews.php?nationalnews_id=357&page=1

“This project has been part of the master plan in downtown Fort Worth for decades,” said Ed Bass, project developer. “To finally see dirt moving is gratifying for our team and it will forever change the landscape of Sundance Square.”

“Interest in space from office and retail users has been strong since we announced the project,” said Johnny Campbell, president and CEO of Sundance Square. “Now that the construction is in full swing, we expect to start signing leases and making some announcements this year. With these buildings in the heart of Sundance Square, we want to create a perfect blend of retail and restaurants. The merchandising will play an important role in activating the plaza. We are taking a little more time to make sure we have the right fit.”

The Westbrook at 425 Houston Street is named after the historic seven-story Westbrook Hotel, which was built in the early 1900s, closed in 1969, and was demolished in 1978. It will stand six stories tall and encompass more than 93,000 square feet including 12,393 square feet of retail space. The ground floor of the building will include an office lobby on Houston Street and retail space fronting Houston, 3^{rd and 4th Streets, as well as the future plaza space to the east.}

The Commerce Building at 420 Commerce Street will encompass more than 83,000 square feet with nearly 17,000 square feet of significant retail and restaurant space. The ground floor will include an office lobby on Commerce Street and retail space fronting Commerce, 3rd and 4th Streets, as well as future plaza space to the east.

The Cassidy at 407 Throckmorton Street will be six floors in height and more than 99,000 square feet, including 12,196 square feet of retail and 12,187 square feet of residential space. This L-shaped site will have frontage on W. 3rd and Houston Streets as well as Throckmorton Street with different portions featuring three distinct architectural façades. The Cassidy’s top floor will feature residential living with six luxury penthouse apartments. The one- and two-bedroom units will have outdoor terraces with floor to ceiling glass walls and sweeping views of Sundance Square and the City of Fort Worth.