June 6, 2015
Grove Lofts Acquired
Atlantic Creek Real Estate Partners, LLC (“Atlantic Creek”) is pleased to announce the joint venture development of Grove Lofts (the “Project” or the “Property”) in Austin, TX. The project closed on June 6, 2015 and is a to be built 156-unit, class A, garden-style multifamily community with institutional quality exterior and interior finishes, with surface parking. Atlantic Creek has partnered with a well-known proven developer/operator that has extensive experience in the major markets across Texas. The investment plan is to take advantage of the property’s excellent location, and the market’s strong occupancy and leasing activity driven by Austin’s growth.
The property is located within the gentrifying East Riverside Corridor neighborhood and benefits from its close proximity to downtown Austin. Located at the intersection of Grove and Montropolis Boulevards, the property is situated between downtown Austin and Austin–Bergstrom International Airport.
Atlantic Creek, with offices in New York, NY, Palm Beach, FL, and Los Angeles, CA, targets direct and joint venture investments in opportunistic and value add office, retail, and multi-family commercial real estate primarily located on the East and West Coasts of the U.S., Texas and other select U.S. markets.
For further information on new acquisitions and joint venture opportunities, please contact Joshua Schwalbe, Senior Vice President, in our New York, NY office at (212) 381-7617 or Jon Trucano, Senior Vice President, in our Palm Beach, FL office at (561) 275-7702.