Following whales in dynamic submarket.
Avion Park
The Catalyst
We’ve always been encouraged to follow real estate whales. With Avion Park, we were following some of the best - Catellus’ redevelopment of Mueller, the Dell Children’s Hospital, and H.E.B.’s opening of its flagship east-Austin store.
The Avion Park site was a legacy asset for a long-term owner. Finding the right buyer was important - to the seller and to their broker.
Our prior experience in the market and nimble approach made the opportunity a good fit for us. The property was offered to three groups simultaneously. We submitted an offer within 24 hours.
The Process
We assembled a team focused on quality and growth. Design Hound led by Kevin Stewart; previously with Dick Clark Architecture and Michael Hsu. KGBE engineering was engrained in urban development, had great relationships with City of Austin reviewers, and had previously been with Bury + Partners.
As we moved through design and permitting, it became apparent that one aspect of the project would need neighborhood approval. Taking time-tested advice to heart, we walked door-to-door in the neighborhood, speaking with residents, stakeholders and advocates for improvement. We contacted out-of-state owners using research and personal follow-up.
We heard stories and met people that we’ll consider friends and neighbors for a lifetime. We achieved approval beyond the threshold required, and we’re thankful for relationships and wisdom of the process.
The Result
Avion Park was completed in-line with our pro-forma timeline, and all homes were sold within 12 months of construction completion.
The team’s focus on quality highlights our interest in offering value and making lasting improvements to areas in which we invest.
The experience of Avion Park led to our pursuit of 5521 Springdale.
