Colonial Grand at Wells Branch — This North Austin apartment complex was the latest to be bought by Colonial Properties Trust. The company owns about 3,450 local units spread out over 10 complexes.

A Birmingham, Alabama based real estate investment trust has begun building a large, Class A apartment complex at 11001 S. First St. about a mile from I-35 near downtown Austin. The Colonial Grand at Double Creek — a $31.7 million, 18-building complex by Colonial Properties Trust Inc. — is expected to be completed by the third quarter of 2012.

The Colonial Grand at Double Creek will be a 296-unit rental property designed by Plagemen Architecture of Burlington, N.C. The complex will be Colonial’s second National Association of Home Builders green-certified bronze project. The company confirmed all financing was set.

Construction comes at a time when most signs indicate Austin’s available multifamily housing is shrinking. New tenants could see rent increases of 4.2 percent this quarter as construction slows but the population continues to grow, according to a recent report by Marcus & Millichap Real Estate Investment Services Inc.

Citywide, 1,000 new units are expected to come online in 2011 compared with 2,900 units last year, the report said.

Local experts said the new Colonial property is one of a few projects getting done that will deliver needed new product to the market this year or next.

Colonial’s activity in Austin — having also bought the 336-unit Colonial Grand at Wells Branch in North Austin in February — is indicative of this market’s appeal.

The Grand Colonial at Double Creek is being built along the largely undeveloped extension of South First Street, part of a strategy that Colonial said enables them to unlock the potential of its unused land.

Colonial Double Creek consists of two- and three-story, direct-entry apartments with private garages, Spahn said. The exterior is stone and masonry stucco. The interiors have ceramic tile floors, walk-in closets, garden tubs and patios.

What do you think? Would you be willing to move into a beautiful building in an underdeveloped area? Why or why not?

courtesy of Cody Lyon, ABJ Staff, Austin Business Journal

White Lodging Corp. said last year it would shelve plans for a 1,000-room, $185-million Marriott hotel on Congress Avenue and Second Street. But an Austin American-Statesman report quoted officials saying construction will begin in about nine months.

The story also said the city could waive $4.3 million in fees for the project. That’s a pretty big chunk of change. A city spokesman confirmed the possible agreement, but not the amount. The council is expected to finish discussing the plan during its regular meetings.

White Lodging said previously the project would create 600 full time jobs and equate to more than $2 million in property tax and $4 million annually in bed tax for the city, according to 2006 projections related to the initial project.

How do you feel about the newest addition to Austin?

courtesy of Ashley Furness, ABJ Staff, Austin Business Journal

One of the best places to invest in real estate property is in Austin, Texas. Austin has experienced incredible job growth and very stable home prices despite the nationwide economic downturn. In the greater Austin area, the population and jobs continue to grow– a factor for keeping inventory low and prices stable. There are also several other benefits of investing in rental property in the greater Austin area.

Rental properties offer investors the opportunity for an income stream while also allowing them to leverage their assets with a down payment and a loan secured by the property. Additionally, rental properties offer tax benefits and deductions for landlords (Always check with a tax consultant to determine real estate tax implications). Purchase rental and investment properties here and you’ll get back 20% of the commission in cash.

Owning a rental property entitles you to special tax benefits. Often, what you spend on repairs and upkeep for a rental property is tax deductible. You may also get a tax break for depreciation, an allowance for the wear and tear over time on your property. However, most rental property investors do not rely on tax breaks to make a profit. You should look for property that will rent for more than the monthly mortgage payment, insurance, property taxes, maintenance, and repairs.

Most of the real work of real estate investing is done in the beginning when doing research and property selection. Once you have selected a neighborhood and purchased a property, you simply need to maintain communication with your property management company.

There are some great real estate professionals around Austin who have done your research and homework for you and can help you find the real estate property to invest in. These customer-service oriented professionals assist you in all your real estate/rental property needs and provide real estate services for multiple markets and other surrounding communities in Capital City.

Zilker Heights Condos is a one-of-a-kind 8-unit condominium community located in the heart of 78704 on South 1st Street.  Zilker Park, Downtown, the new Performing Arts District, Auditorium Shores, Lady Bird Lake, the Lady Bird Lake Hike-and-Bike Trail and more.The enjoyable 78704 South Austin Zilker Heights Condos lifestyle at an attainable price.

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Villas on Town Lake is at 80 Red River, Austin, Texas, United States. Villas on Town Lake offers residents all that they have wanted, with the added convenience of being right in the heart of the city. Situated among the trees near the Four Seasons Hotel, the Villas on Town Lake are close to the rowing club, and provide easy access to Town Lake and its walking and biking trails. In fact, when peek out window to look at the view, residents may not immediately realize that they are in the heart of a bustling city. Villas on Town Lake offer a much-needed haven on the busiest days while still providing all the convenience urban living. Units at Villas on Town Lake are stunning. Most units have a fireplace, perfect for relaxing after a long day at work. The fireplaces are not only cozy, but they are a unique detail in today’s condo market, where developers often choose the ultra-modern designs over comfort. Most units also have spacious decks that overlook the park and provide a great place to enjoy summer afternoons. The bay windows that most units have provides plenty of natural light into each home and provide another unique stylistic detail. Units are light and airy but seem like real homes, with cozy and beautiful details. The natural environment of Villas on Town Lake also makes home seem more of a country retreat rather than an urban residence. The 56 units at the Villas on Town Lake provide with easy access to the rowing, walking, and biking that Town Lake offers. However, the Villas on Town Lake also boasts a spa, exercise room, and pool, so if prefer pampering to outdoor life, residents can indulge in the way that is best for them. Restricted building access and secured parking add to its residents peace of mind and truly make their home both an urban and country retreat.  owner financing 20% down, room to roam, privacy, walk out their back door and enjoy lady bird lake total custom remodel 4 condos into one everything top of the line elaborate surround sound/security/computer networked wine cooler+b-i wine racks 60 plasma tv direct access to lbj lake/hike-bike trails 4 fireplaces gated community 8 parking places, has a backyard! custom iron work railing.

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TwentyOne24 Loft units offer volume – 11 Ft ceilings, open, flexible space in a more traditional loft layout. Kitchens include granite counters, high-end fixtures & black or stainless appliances.  Many TwentyOne24 Loft units come with a seven foot, built-in home-office workspace. 1 bedroom & 2 bedroom/2 bath options available.

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Towers of Town Lake is located at 40, IH 35 North, Austin, Texas, United States. The Towers of Town Lake stand above all Austin in providing the luxury that people deserve. People can enjoy spectacular views of Town Lake and downtown Austin, and an array of amenities that shine.The Towers of Town Lake’s fitness center, handball/racquetball court, indoor/outdoor pool with spa, traditional gameroom and assigned parking make Towers of Town Lake the ultimate in easy living. Adjacent to the 17 mile hike and bike trail on Town Lake, it is only minutes from downtown, the airport and shopping. The Towers of Town Lake – condominium residences for sale or lease.

There are six distinctive floor plans which offer two to four bedrooms. Each home is equipped with the following standard features.

* European design kitchen cabinetry by Allmilmo
* Ceramic tile floors
* Kitchen appliances which include refrigerator with water and ice dispenser, self cleaning ovens, dishwasher, disposal, built-in microwave, and more.
* Full size washer/dryers
* Walk-in closets
* Private balconies or patio
* Individual heating/cooling system
* Heat triggered sprinkler system and individual smoke detectors

The Towers of Town Lake is a full service condominium community providing a wide range of services and facilities to residents. Living at the Towers is not just luxurious but most importantly, a home where personal service is provided 24 hours a day, seven days per week. The Towers of Town Lake provides a wide selection of services to its residents, including the following: 24 Hour Security – the control room contains over 30 security monitors and sensors and is staffed by a security guard 24 hours a day.  24 Hour Concierge – Residents will find that its concierges are attentive and helpful. It can provide information on restaurants, theater show times, university and sporting events, sightseeing or helping to make reservations for a special event.  Laundry Service – laundry can be dropped off and returned the same day. Laundry pick-up and delivery service is arranged through one of Austin’s established cleaners. Maintenance Service – a team of professional maintenance technicians is on site to help with minor repairs to homes. Charges for this service are based on time and materials. Cable Television Service – every condo is provided with standard basic cable service which includes approximately 100 channels. This service is part of the bulk service contract with Time Warner Cable. Additional services from the cable provider include internet access, HDTV, premium movie channels, etc. which are billed directly to each resident.

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The Swede Hill Row project drew together El Centro Group, Sentient Architecture, Shiloh Travis Homes,Austin Energy and Wells Fargo Bank, who is financing most of the project.

The Swede Hill Row homes have unique features include:

o Custom cabinetry and built-ins throughout
o Limestone, Carrara marble or granite countertops throughout
o Imported 19th Century stained-glass and leaded windows from Europe
o Extensive detailing and trim work throughout, including reclaimed wood for walls, ceilings & wainscoting
o Off-street parking in garage or carport

The The Swede Hill Row homes are built with the highest commitment to green living standards, featuring super-efficient windows,air-tight thermal envelopes with spray-in foam insulation, low VOC paint on the interiors and insulated garages and attics, making for an environmentally friendly and economically responsible home.

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The Shore is located at 602 Davis Street, Austin, Texas, United States. The Shore Austin’s crown jewel is the expansive sixth-floor terrace features a resort-style amenity deck with a signature lap pool, set against lush landscaping and dramatic western views. An outdoor kitchen and dining areas encourage casual entertaining, while comfortable outdoor living areas induce warm conversation. It’s the perfect place to relax with friends or take in a brilliant sunset. With 192 private residences spanning 22 stories, The Shore offers residents amenities befitting of the finest resort. Residents and guests enter through the chic lobby with a 24 hour on-site manager, which features wireless Internet access. Controlled-access parking gives residents direct access to the building. The sixth-floor terrace of The Shore is, complete with lap pool and outdoor kitchen, presents the ultimate in outdoor living. A fitness center and The Shore’s direct access to the Austin Hike and Bike Trail encourage personal fitness. And this environmentally-friendly building is certified by the Austin Green Building Program.  For both work and play, the Shore Condominiums on Lady Bird Lake in Austin Texas is a simple yet extraordinary building for those looking for a true urban oasis within the city limits. With a refreshing swimming lap pool and plenty of hiking and biking trails in addition to an onsite health club, Shore Condos are for those who want to stay active and healthy. Outdoor living spaces will provide you with the opportunity to have a second home at the Shore condos in Austin, with breathtaking views of the surrounding city and panoramas both day and night.

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The Railyard Condominiums is located near the E. Sixth Street entertainment district, the Convention Center, Brush Square Park and only a few blocks from Town Lake and the Hike and Bike Trail.  This gated condo community consists of 2 buildings, one with a pool. The condos are very bright and open with high vaulted ceilings and covered balcony with city views. Most living areas have wood floors, a fireplace, and granite wet bar. The kitchen also has granite counter-tops and brick floors. Most units feature a charming winding staircase that leads up to a lofted study or extra bedroom. The interior breezeways are dressed with tropical plant and water fountains. The Railyard is the best price in downtown Austin.  The Railyard Condominiums are located on 4th Street between Brazos and Trinity in the heart of downtown Austin. Entertainment, museums, dining, and Town Lake are all part of the immediate downtown neighborhood.  All condos of The Railyard are unique, but many include balconies and granite countertops. All 3rd floor lofts have vaulted ceilings. Low HOA fees include water service, trash disposal, a swimming pool, regular cable, low-cost internet, and membership in the Downtown Austin Neighborhood Association (DANA).

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Situated just off South Congress Avenue, the Sycamore allows convenient access to the eclectic energy of SoCo and the fun of downtown.  Sycamore offers two and three bedroom townhomes offer hardwood floors, granite countertops, high quality appliances, two car garages, courtyards, optional outdoor fireplaces, and emphasize comfort and privacy. The Sycamore has space, security and a price that allows to enjoy it. The Sycamore is in the heart of bustling South Austin. As location is everything, as important,The Sycamore’s three-story townhomes are truly unique. A gated entry opens to a lush central strolling courtyard. It has a two car direct access garage, gourmet kitchen, spa master bath and more. All units of Sycamore comes in a 2 Bed/2.5 Bath/Study or a 3 Bed/3 Bath residence.

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Spaces 2525 is at , 2525 S Lamar Blvd This mixed-use project is located on South Lamar, within a mile of Central Market South, the South Congress Retail District, an Alamo Draft House, and the legendary Saxon Pub. Zilker Park, Barton Springs and the Barton Creek Greenbelt are also only a short bike ride away. The 2.3 acre site includes first floor commercial spaces, water features, attractive landscaping and ample outdoor common space. Price points will range from just $177,900 up to $299,900. This visionary community combines impressive design with the serenity and laid back lifestyle of 78704. Interior Finishes of Spaces 2525 : 11 Ft ceilings, operable mondrian glass windows, sealed concrete or wood floors (upgrade), granite countertops (3 choices), 8 Ft cabinets, and travertine (limestone) tile.

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