y 65.17 recently completed 225 unit multifamily project ......positioned to become the epicenter...

ACC PROPERTYSAN GABRIEL PKWY

SAN GABRIEL PKWY

HERO

WAY

HERO

WAY

MEL MATHIS BLVDMEL MATHIS BLVD

W M

ETRO

RD

W M

ETRO

RD

W BROADE ST

W BROADE ST

VILLAGE ATLEANDER STATION:

77 lot single family development by

Milestone Homebuilders

THE STANDARD: recently completed 225 unit multifamily project

Future 90 key Holiday Inn Express

CONFIDENTIAL OFFERING MEMORANDUM

T O D M I X E D - U S E D E V E L O P M E N T

65.17

HOSPITAL

DISCLAIMERHolliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a Texas licensed real estate broker (“HFF”). This Offering Memorandum has been prepared by HFF for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by HFF, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by HFF or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, HFF, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or HFF and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or HFF If you have no interest in the property, please return the Offering Memorandum forthwith.

CONTENTS

T O D M I X E D - U S E D E V E L O P M E N T

EXECUTIVE overview 4

PROPERTY overview 8

LOCATION overview 12

ECONOMIC overview 16

MARKET overview 24

EXECUTIVE overview

4 EXECUTIVE OVERVIEW X PROPERTY OVERVIEW X LOCATION OVERVIEW X ECONOMIC OVERVIEW X MARKET OVERVIEW

HFF is pleased to offer qualified investors the unique opportunity to purchase Leander Station (“Property”), a +/- 65.1 acres mixed-use transit oriented development site in Leander, TX. In the heart of Austin’s path of growth north, Leander Station is positioned directly adjacent to the heavily traveled and extremely popular MetroRail Line that runs from Downtown Austin to Leander. The Property presents the opportunity to develop in excess of 800,000 SF retail, 1.8 Million feet of commercial space, and over 3,000 multi-family, townhome, single family, and flex residential units. Leander Station is perfectly positioned to become the epicenter that captures the live, work, play life style in Northwest Austin, offering residents and the greater community a one-of-a-kind destination that encompasses the true essence of Austin. The opportunity to create a vibrant town center coupled with the continuation of Austin’s rapid growth north, makes Leander Station an extremely attractive offering.

PRICING CONTACT HFF

LOCATION PARCELS SURROUNDING INTERSECTION OF US HWY 183 AND HERO WAY

SITE AREA 65.17 NET ACRES

ZONING TOD T4 – GENERAL URBAN T5 - URBAN CENTER T6 – URBAN CORE

P R O P E RT Y S U M M A RY

5EXECUTIVE OVERVIEW X PROPERTY OVERVIEW X LOCATION OVERVIEW X ECONOMIC OVERVIEW X MARKET OVERVIEW

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AUSTIN

CEDAR PARK ROUND ROCK

UNIVERSITY OF TEXAS

KRAMER

LAKELINE MALL

LAKE TRAVIS

HOWARD

CRESTVIEW

HIGHLAND

MLK, JR.

PLAZA SALTILLODOWNTOWN

65.17


I N V E STM E N T H I G H L I G H TS

P R E M I E R LO C AT I O N S E T TO B E CO M E C E N T E R O F TOW N

• The Property offers the best visibility and access in the surrounding area given its location along major thoroughfares of HWY 183 and Hero Way.

• Directly adjacent to HEB, 12,500 student Austin Community Campus, and St. David’s Hospital planned to have over 400 beds and Medical Office space.

• Leander Station is the northern terminus stop for the MetroRail in the city of Austin, an extremely unique and one of a kind amenity allowing for residents in the surrounding community to quickly access the entire metro area.

• Ideally located in the heart of Leander, this site is poised to become a dense town center including various housing options, entertainment & lifestyle retail offerings, and office space opportunity.

A DVA N C I N G D E M O G R A P H I C G R OW T H F U N DA M E N TA L S

• Driven by North Austin’s global presence within the technology sector along with Austin’s economic health, business friendly environment, and outstanding lifestyle offerings Leander has seen some of the most impressive population growth in the country.

• Growing more than 42% from 2010- 2015 Leander was the fastest growing city in the US in 2015. Today the population within a 3-mile radius of the property is currently 34,187 people and is expected to grow by approximately another 12% over the next 5 years.

• Average household income within 3 miles of Leander Station has grown to $110,000 with 70% of people working white collar occupations.

C R I T I C A L M A S S W I T H FAVO R A B L E E N T I T L E M E N TS

• Located in Leander’s TOD and Urban development zone, the site offers investors the rare opportunity to acquire the obvious future site to become the center of town.

• Approximately 65 net acres of developable land with entitlements in place for an urban mixed use development, the TOD is one of the few places within the City that multifamily is still allowed and encouraged.

• TIRZ #1/ TIF – The City of Leander adopted the Tax Increment Reinvestment Zone No. 1 – this is set to reimburse the costs of structural improvements and enhancements to public infrastructure. Leander Station is set to have TIF reimbursements that are repaid by the creation of value and subsequent tax revenues by each property that would receive reimbursement.


PROPERTY overview


LOCATION: Parcels Surrounding the Intersection of HWY 183 & Hero WayNET ACREAGE: 65.17COUNTY/MSA/CITY/STATE: Williamson County/Austin Metro/Leander/TXTRACTS (7) ZONING:1 - 7.03 Acres - T4 General Urban2 - 12.19 Acres - TOD Station Sector3 - .76 Acres - T5 Urban Center4 - 4.64 Acres - TOD Station Sector5 - 30.92 Acres - T6 Urban Core6 - 6.58 Acres - T6 Urban Core7 - 3.05 Acres - T6 Urban CoreFRONTAGE (ESTIMATE): Mel Mathis Blvd 2,600 feet Hero Way 3,000 feet HWY 183 2,600 feet Metro Drive 500 feetPOTENTIAL DEVELOPMENT POSSIBILITIES: ResidentialMultifamily Units: 3,318Townhome Units: 20Flex Residential Units 261Single Family: 12CommercialUndefined Commercial Area: 1,848,600 sfGround Floor Retail: 821,600 sfGround Floor Flex: 55,000 sf

RecreationalCivic Area: 385,600 sfUTILITIES: Water/Wastewater: Water and Wastewater readily available to site Detention/Filtration: Developed land is only required to maintain storm water quality system. No detention is required.TREES: Property has been cleared of most treesFLOOD PLAIN: CLOMR obtained from FEMA for both the North and South Brushy Creek floodplain work.TOPOGRAPHY: Site is gently rolling with land sloping towards each of the two creeks. LAND USE: Property has Zoning as a TOD with Urban Land Use DesignationsSCHOOL DISTRICTS: Leander ISD


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ACC PROPERTYSAN GABRIEL PKWY

SAN GABRIEL PKWY

HERO

WAY

HERO

WAY

MEL MATHIS BLVDMEL MATHIS BLVDW

MET

RO R

D

W M

ETRO

RD

W BROADE ST

W BROADE ST






HOSPITAL


LOCATION overview


C A P I TA L M E T R O – T R A N S I T-O R I E N T E D D E V E LO PM E N T (TO D)

“Capital Metro connects people, jobs, and communities by providing quality transportation choices. “ In 2004 the City of Leander and Capital Metro, undertook an economic analysis to determine what would best serve the northeast quadrant of Leander and a possible rail stop. It was determined that the urban approach and use of the SmartCode would realize twice the ultimate tax base, resulting in Leander’s TOD designation.

The TOD aims to create a transit-friendly walkable community with a mix of people, jobs, and services, in an effort to increase Cap Metro ridership, revenues from development, and supports affordable living. The TOD is one of the few places in Leander that multifamily is still allowed, and encouraged. Outside of the TOD, multifamily developments are now largely discouraged.

Capital Metro’s Leander Station is the terminus stop of the Metrorail red line, a 32-mile commuter route connecting the rapidly-growing Northwest sector of the region to The Domain, Central Austin, and Austin’s CBD. Leander Station features transit ridership from Leander, and nearby towns including Liberty Hill, Bertram, Georgetown, Round Rock, and Cedar Park.

ST. DAV I D’S L E A N D E R C A M P U S

With more than 110 sites across Central Texas, St. David’s HealthCare includes seven of the area’s leading hospitals and is one of the largest health systems in Texas. St. David’s HealthCare is the third-largest private employer in the Austin Area, with more than 9,000 employees, with plans to create up to 600 new jobs at the completion of St. David’s Leander Campus.

The hospital acquired 52 acres of land north of the Property in 2017, with plans for Leander’s first hospital. The first phase was recently completed, delivering St. David’s Emergency Center which opened on January 2nd, 2018. The emergency department is the fifth location within the St. David’s network, which considers their stand-alone facilities to be an extension of a hospital and the same as a hospital ER. Construction is soon to begin on a 111-bed hospital building, while the masterplan calls for upwards of 400 beds and MOB space at the Leander campus completion.

LEANDER STATION


AU ST I N CO M M U N I T Y CO L L E G E (A C C) – SA N G A B R I E L C A M P U S

Construction is nearing completion on Phase I of the 100-acre ACC San Gabriel Campus located within Leander’s transit-oriented development. Phase I is 106,000 SF and will open in the Fall of 2018 with 2,500 students. Once built out, the 100 acre campus is designed to serve 12,500 students. The new San Gabriel Campus will serve one of the fastest-growing areas in the region and relieve crowding at ACC’s Cypress Creek and Round Rock campuses. ACC’s Leander location is schedule to open for the fall 2018 semester, catering to general studies and includes a combination of tradition classrooms and hybrid classrooms, as well as labs for chemistry and biology. ACC San Gabriel Campus will be the district’s 12th campus, and will include the college’s second ACCelerator learning center, a high-tech learning lab designed for individualized learning and small groups.

QUICK FACTS: 106,000 SF LEED development8,600 SF of administrative areas8,000 SF of indoor and outdoor common areas4,800 SF of science labs

H-E-B

The Leander H-E-B plus, is part of a 225,000-square-foot shopping center, and the third largest H-E-B store in Texas. As one of the area’s largest employers, H-E-B is the preferred grocer across Central Texas with over 370 locations. Founded in 1905, H-E-B has grown to become the 20th largest retailer in the United States, all while remaining a privately held company and donating five percent of pre-tax profits to charity.

ACC PROPERTY





OAK CREEK: newly developed 186 lot neighborhood by David

Weekley homes


Overall 52 AcresPhase I (11,000 SF)

recently completedPhase 2 & 3 under

construction - 111 bed hospital

SAN GABRIEL PKWY

SAN GABRIEL PKWY

HERO WAYHERO WAY

MEL MATHIS BLVD

MEL MATHIS BLVD

1-MILE 3-MILE 5-MILE

2018 POPULATION ESTIMATE 729 34,187 78,3442023 POPULATION PROJECTS 796 38,077 86,875PERCENT CHANGE: 2018 TO 2023 9.2% 11.4% 10.9%2018 EST. AVERAGE HOUSEHOLD INCOME $110,983 $109,723 $116,6592018 EST. MEDIAN HOUSING VALUE $89,494 $89,591 $94,771

AreA DeMoGrAPHiCS


ACC PROPERTY





OAK CREEK: newly developed 186 lot neighborhood by David

Weekley homes


Overall 52 AcresPhase I (11,000 SF)

recently completedPhase 2 & 3 under

construction - 111 bed hospital

SAN GABRIEL PKWY

SAN GABRIEL PKWY

HERO WAYHERO WAY

MEL MATHIS BLVD

MEL MATHIS BLVD

2MINUTES

FROMHWY 183 A

11MINUTES

FROMHWY 183/SH 45 INTERSECTION

20MINUTES

FROMTHE DOMAIN AUSTIN

28MINUTES

FROMDOWNTOWN AUSTIN

Drive TiMeS To/FroM SiTe


ECONOMIC overview


L E A N D E R OV E RV I E W

THE AUSTIN MARKET…WITHOUT THE CONGESTION

• Ranked #3 in the nation, for best small cities for families. – Forbes

• Fastest Growing City in the nation of all cities with a population over 15,000 – U.S. Census Bureau

• Low cost of living – 4.7% lower than the national average

• 21.9% population increase over the last two years

• 2.9% unemployment rate

• 4th fastest growing city in the state

• Growth rate of over 11% (16 people a day)

• Education: Top 20 District in Texas with an overall A+ grade – Niche.com

• Highly Educated (44% Bachelors) compared to 41% Austin and 28% Texas

LEANDER IS THE 4TH FASTEST GROWING CITY IN THE STATE


T H R I V I N G AU ST I N E CO N O MY

Although it maintains a laid-back vibe, the city dedicated to “Keeping Austin Weird” shows no signs of slowing down. A booming economy, growing job market, high quality of life and low cost of living make Austin a sought-after city for all ages. As one of the nation’s top economic performers, Austin is a thriving city with a young, highly educated and vibrant population that attracts business and tourism. The metro leads the nation in terms of population growth, fueled largely by the strongest rate of in-migration with an impressive 159 people moving to the city a day. The 11th largest population among U.S. cities and the 4th largest in Texas, Austin’s population has expanded 16% between 2010 and 2015. Compared to all large metros in the country, Austin ranked No. 2 in growth for the five-year period. The population explosion of the Texas capital, which reached approximately 2.1 million last year, is expected to soar 98.5% to nearly 4 million by 2040. Nearly doubling in size, Austin’s population is projected to grow faster than any other large U.S. city in the next 25 years. Named among Forbes 10 Best Cities for Jobs, Austin has one of the best job markets in the nation. In the 12 months ending in September 2017, the Austin metro added 22,500 net new jobs, a growth rate of 2.0% and a seasonally adjusted unemployment rate is currently 2.9%.

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United States Texas Austin

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United States Texas Austin

E M P LOYM E N T G R OW T H P O P U L AT I O N G R OW T H


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% OF JOBS ADDED BACK SINCE RECESSION

Austin has created 7.09x the number of jobs lost during the recession

OV E R A L L R E A L E STAT E P R O S P E C TS BY R A N K I N G

1314 12 11 10 9 8 7 6 5 4 3 2 1RANKING

1. SEATTLE2. AUSTIN3. SALT LAKE CITY4. RALEIGH/DURHAM5. DALLAS6. FORT LAUDERDALE7. LOS ANGELES8. SAN JOSE9. NASHVILLE10. BOSTON

Overall score based on combined investment and development rankings.Source: ULI 2018 Emerging Trends in Real Estate

DEVELOPMENT RANKINGINVESTMENT RANKING


Best City to Live inU.S. News and World Report

Most Recession-Recovered Metro

Wallet Hub

#1 Job MarketNerd Wallet

#2 For Economic PerformanceMilken Institute

Fastest Growing Large Metro Through 2040

American City Business Journals

Top 10 Best City for MillennialsForbes

#1

“FASTEST GROWING CITY”


P R I M E D E ST I N AT I O N

Consistently named among the best places to live and work, Austin is universally regarded for its thriving economy, low cost of living and enviable quality of life. Austinites enjoy a reasonable cost of living with a median home price that is below the national average, lack of state income taxes and the highest per capita income of all major cities in the Lone Star State. In addition to a burgeoning downtown and prosperous employment opportunities the city offers many museums, performing arts venues, sporting events and recreational activities. Affectionately deemed The Live Music Capital of the World, Austin boasts over 1,700 live music venues and is home to South by Southwest (SXSW) and the ACL Music Festival, two of America’s largest media events. Austin is an enchanting city celebrated for its robust natural beauty and abundance of outdoor amenities, including Lady Bird Lake, Austin Hike and Bike Trail, Barton Creek, Lake Austin and numerous greenbelts. Central Texas boasts a cosmopolitan atmosphere without the big city stress and it is not hard to see why many people love to call Austin home.

AUSTIN FESTIVAL REVENUE

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Visitor Spending

24.1MAnnual AustinMSA Visitors

ANNUAL VISITORS$9 BILLION 24.1 MILLIONANNUAL ECONOMIC IMPACT FROM

VISITOR SPENDING


1

AUSTINAUSTIN

CEDAR PARKCEDAR PARKROUND ROCKROUND ROCK

CENTRAL BUSINESS DISTRICT

S I L I CO N H I L L S

Austin’s economy continues to benefit from the technology sector boom that began in the 1990s, dubbing the metropolitan area “Silicon Hills”.

TECH JOBS ADDED

IN AUSTIN VS THE U.S.

VC FUNDING

IN 2016

$834M

# OF AUSTINCORPORATE

RELOCATIONSSINCE 2004

CORPORATERELOCATIONS

CORPORATEEXPANSIONS97 113

CORPORATE GROWTH IN AUSTIN2015-2016

T E C H STA RT U P D E ST I N AT I O N

Austin is quickly emerging as a destination of choice for tech startups, as many of the nation’s top technology companies have a significant presence in Silicon Hills, including Apple, Google, Facebook, Amazon. Oracle, National Instruments, Dell, IBM and Samsung to name a few.


MARKET overview


A PA RTM E N T M A R K E T OV E RV I E W

Multi-housing demand in Austin continues to drive growth and development as the metro has been rapidly expanding geographically to keep up with rental demand. Having experienced some of the most robust population growth in the country since 2010, Leander can be identified as the current and future target area for continuous waves of in-migration due to the cities unique proximity to the powerful economic hubs of Austin and the multiple connectivity options available for Leander residents. Across the metro the apartment market has realized positive occupancy and rent growth trends in stabilized properties for numerous years running and is driven by the historically low unemployment rate, major population growth and corporate relocations especially significant in North Austin.

O C C U PA N C Y/A B S O R P T I O N

Occupancy across the metro continues to show increased signs of strength as stabilized occupancy across 721 properties is at a viable 93% and growing. Demand continues to pace with supply as a total of 6,618 units were absorbed in 2017. This bodes well for 2018, as confidence rings for the remaining units in lease up and under construction to be readily absorbed. Absorption outlook for the foreseeable future is strong as Austin is projected #1 in the nation for both population and employment growth over both the next 5 and 10 year horizons.


R E N TS

Driven by the outstanding market fundamentals, rental rates across the Austin metro continue to grow at a healthy clip. Stabilized Class A apartments have seen a positive 2.5 % rent increase YOY. As construction deliveries have decreased over 9.7% from the previous year with estimated completions in the next 12 months down 16.8% from projections a year ago, there is full confidence that rent increases across Class A apartments will continue to climb.

C E DA R PA R K/L E A N D E R S U B M A R K E T

Leander Station is located in the Cedar Park/Leander submarket, made up of 8,693 units across 31 properties. The Cedar Park/ Leander apartment submarket has enjoyed the booming onslaught that comes with the blistering job and population growth realized in the submarket. Occupancy for all stabilized properties in the submarket is currently 94%, above the metro area average. Demand for rentals in the submarket continues as pent-up demand for affordable rental options remains a major theme in Austin.

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Occupancy Rental Rates Class A Rental Rates

Source: Austin Investor Interests


Total Units Occupancy* Monthly Rent Rent PSFAustin 184,512 93% $1,196 $1.39 Cedar Park/Leander 8,693 94% $1,141 $1.22 *StabilizedSource: Apartment Data Systems

M A R K E T CO M PA R I S O N – 4Q 2017



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CEDAR PARK-LEANDER OFFICE MARKETCOMPLETIONS & ABSORPTION

Cedar Park Completions Cedar Park Absorption Cedar Park Occupancy

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CEDAR PARK-LEANDER OFFICE MARKETRENT VS. OCCUPANCY

Cedar Park Office Austin Office Cedar Park Occupancy

C E DA R PA R K-L E A N D E R O F F I C E M A R K E T

The Cedar Park-Leander office submarket has begun to emerge as a viable destination for employers to relocate their real estate footprints, as companies begin to follow the highly educated workforce further Northwest into some of the nation’s fastest growing cities: Leander, Cedar Park and Georgetown. Leander Station has already led to the local expansion of Austin Community College and St. David’s Leander Campus, a sign that the combination of a pro-business climate and impressive population growth will lead to more relocations and commercial development within a submarket poised for explosive growth.


I N V E N TO RY/A B S O R P T I O N

The Cedar Park-Leander office market has grown from 1.4 million square feet in 2013 to 2.1 million square feet of product today – an increase of 43.1% during the five-year span, overshadowing the previous five-year increase of 4.9%

Total net absorption has remained positive for 10 years in a row, while averaging 142,000 square feet of positive net absorption over the last three years

Since 2014, the Cedar Park-Leander office market has delivered over 633,000 square feet of new product, a 692% increase in deliveries from 2009 to 2013, which totaled just over 79,000 square feet

O C C U PA N C Y

Occupancy rates continue to trend upwards with an increase of 13% since 2010, hitting a 10-year high of 89% at the end of 2017

Cedar Park-Leander occupancy rates have increased 1.4% year-over-year since 2010, while delivering over 700,000 square feet of new product

Occupancy is expected to continue to increase with unemployment reaching historically low numbers and employers willing to locate closer to their employee base

R E N TA L R AT E S

Since 2011, Cedar Park-Leander NNN office market rents have increased 28.9% or 3.6% annually, from $16.27 per square foot to $20.97 per square foot today

Today’s Cedar Park-Leander NNN office rents of $20.97 per square foot are an all-time high, but still a significant discount the Austin MSA, drawing continued regional office relocations and expansions


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CEDAR PARK-LEANDER RETAIL MARKETRENT VS. OCCUPANCY

Austin Retail Cedar Park Retail Cedar Park Occupancy

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CEDAR PARK-LEANDER RETAIL MARKETCOMPLETIONS & ABSORPTION

Cedar Park Completions Cedar Park Absorption Cedar Park Occupancy

C E DA R PA R K-L E A N D E R R E TA I L M A R K E T

The Cedar Park- Leander retail submarket is one of the strongest performers in the Austin MSA, led by nationally recognized population growth, exceptional demographics, and strong retail fundamentals. A historically underserved submarket in terms of retail product, the Cedar Park-Leander retail market has become one of the most sought-after destinations for national and regional credit operators. The submarket has maintained incredibly robust occupancy rates, while boasting higher average rental rates than the Austin MSA. Leander Station presents the rare opportunity to pioneer a portion of the submarket led by the recent expansion of Austin Community College and St. David’s Leander Campus, and further influenced by the Capital Metro-TOD which will be the one true transit oriented development offering in the entire submarket.


I N V E N TO RY A N D A B S O R P T I O N

The Cedar Park-Leander retail market has experienced positive net absorption over the last 10 years, averaging over 216,000 square feet of positive net absorption per year

Over the last four years, the Cedar Park-Leander submarket has delivered 1.4 million square feet of new product, or 15.5% of the submarkets total square footageWith only 22,000 square feet of new product under construction, we should see another strong year of positive net absorption

O C C U PA N C Y

The Cedar Park-Leander occupancy rates over the last 10 years have averaged 94.1%, even in a retail market that has delivered 2.1 million square feet of new product

With new deliveries and construction being kept in check, the record high 96% occupancy as of year-end 2017 should hold strong with population growth above national levels and retail fundamentals improving as surrounding communities continue to mature

R E N TA L R AT E S

Since 2012, the Cedar Park-Leander NNN retail market rents have increased 43.1% or 7.2% annually, from $15.89 per square foot to $22.74 per square foot today

The Cedar Park-Leander retail market has achieved 4.3% higher NNN retail market rents or $22.74 per square foot in comparison to the rest of Austin currently at $21.80 per square foot today

Rental rates are expected to increase with the emergence of Leander Station’s TOD development and city-wide mixed-use developments realizing rent premiums that have pushed rental rates to record levels

SEAN SORRELLSenior Managing [email protected]

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SEAN [email protected]

Debt ContactROBERT WOOTEN Managing [email protected]

500 West 5th StreetSuite 1200Austin, TX 78701T. 512.532.1900F. 512.532.1901hfflp.com

http://www.hfflp.com

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y 65.17 recently completed 225 unit multifamily project ......positioned to become the epicenter...

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