JoCo Partners and The ValCap Group Partner on the Acquisition of Two Apartment Communities in Austin, TX

JoCo Partners and The ValCap Group Partner on the Acquisition of Two Apartment Communities in Austin, TX

The renovation plans include high-end interior improvements to all the apartment units, including granite countertops, stainless steel appliances, and mosaic backsplash tiling. One of the existing offices will be converted into a clubhouse available for use to the community residents and a mega fitness center to include outdoor spinning, a yoga center and a fully equipped weight and cardio room. There will be extensive exterior renovations to the three pool areas, the addition of an outdoor grilling station and the inclusion of game areas for kids and families. For pet lovers, the construction team will create a dog park as well as a dog washing station that will be open to all residents.

About JoCo Partners: A real estate investment company with over 15 years of experience and a focus in medium to large commercial acquisitions. JoCo Partners collaborates with real estate investors as the asset management division of entities that evaluate, acquire, reposition, manage, and create an exit strategy for each property based on its highest value and best use. JoCo Partners currently has over 2,000 rentals and over $200M under asset management.

About The ValCap Group: Founded in 2012 as a collaboration between Richard Fishman, a former mortgage banker from San Diego, CA, and Jack Franco from Newport Beach, CA. Since its founding, ValCap has completed 12 projects consisting of over 3,200 units which were successfully repositioned and sold. These assets represent in excess of $166 million in total sales over the 6-year time frame. The average IRR for these projects was approximately 22% return for the partnerships involved.

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CONTACT: JoCo Partners

Elan Gordon



SOURCE: JoCo Partners

Copyright Business Wire 2018.

PUB: 07/09/2018 09:00 AM/DISC: 07/09/2018 09:02 AM

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New Crew stadium site plans in Austin includes more parking, affordable housing – Columbus – Columbus Business First

Precourt Sports Ventures is listening to its critics in Austin.

The company’s business arm in the Texas capital today released a new proposal for a stadium site at McKalla Place, the city-owned, 24-acre parcel that is being eyed as a home for the Columbus Crew SC.

After several Austin City Council members said they wanted to open up the site to other ideas as well, including mixed-use and affordable housing options, MLS2ATX released the new plans that include additional parking and 130 affordable housing units.

The company’s principal, Anthony Precourt, has been looking to move his team there since last fall.

The new rendering is similar to the one released in May. That site plan included a stadium surrounded by about 1,000 parking spaces, walkways and trails, a retention pond, a bicycle valet with room for about 500 bikes, park space, a music or performance space and an optional rail station. It also shows roadway access from nearby roads.

The new proposal includes a 600-car parking garage and the housing units which would go up in partnership with a local affordable housing group Foundation Communities. There are no changes on the size of the parcel or stadium itself.

“Precourt Sports Ventures’ vision is to create a true partnership with the City of Austin at McKalla Place, revitalizing an unused site to generate the greatest community benefit," Richard Suttle, attorney for PSV, said in a statement.

The idea of an MLS stadium in Austin has been getting mixed reviews from City Council.

Precourt Sports Ventures said it would privately finance the $200 million stadium. Under PSV’s proposal, Austin would own the stadium, the infrastructure and land it sits on. The team and PSV would collect the revenue.

"There’s no guarantee that (Precourt would) stay as long as he says he would," Councilwoman Leslie Pool told me a few weeks ago. "Watching what has happened in Columbus raises questions for me, because if he leaves early, then the debt would be the responsibility of Austin taxpayers."

Pool said she has had concerns since the beginning when Precourt was looking at public parkland for a stadium site. Vocal public opposition sent Precourt looking elsewhere for a potential stadium home.

"That was an early indication to me that he was tone deaf to what this community wants, and things haven’t really gotten much better,” she said.

Pool and councilwoman Alison Atler are co-sponsoring a resolution for council’s Thursday meeting that would ask the city manager to look over other potential plans for the McKalla Place development, in addition to the Crew proposal.

Those include a mixed-use development, affordable housing, parks and open space, affordable creative space and public transit, including a train station.

Councilwoman and Mayor Pro Tem Kathie Tovo and Mayor Steve Adler are sponsoring a different resolution that would have the city manager analyze the proposal from Precourt and “begin negotiations for a Major League Soccer stadium to be located at 10414 McKalla Place."

"McKalla seems like a real viable location and I’m excited to see if it can be done without City financing the stadium or being liable for any debt, and with community benefits like affordable housing support and youth soccer programs," Adler said in an email last week.

Precourt is hoping a decision will be made at this week’s meeting on the fate of McKalla Place. The sooner a decision comes, the sooner Precourt can move forward.

In Columbus, Precourt has been sued by the city and the state of Ohio in hopes he will keep the team here or sell it to investors.

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Crew SC | Austin developer inquired about McKalla Place two years ago

As Austin, Texas City Council starts is discussions focused on whether a soccer-specific stadium from Crew operator Precourt Sports Ventures is the right fit for McKalla Place, a city-owned tract in north Austin, other developers interested in the site wonder about their next moves.

Capella Capital Partners, a commercial real estate development firm in Austin, presented its plan for a mixed-use development at the 24-acre site at the Gracywoods Neighborhood Association meeting in north Austin last Tuesday.

Its history with the site goes back much further than that.

Scott Moxham, Capella’s CFO, said Capella first had an interest in the site shortly after September 2015, when it gained control of a 2.93-acre site adjacent to McKalla Place. That site is set to become a $250 million office and apartment complex.

In early 2016, Moxham said, Capella reached out to the city about what could happen with McKalla Place.

“We started kicking the tires and we said, ’Hey, what’s this 24-acre tract of land that’s our next-door neighbor? And of course we found out the City of Austin owns it and we said, ‘Oh, gosh,’” he said. “We looked into the history of it and the issues the property had in the past and the environmental remediation and long story short it had just been sitting there vacant for quite some time, almost two decades.”

After some discussion with the city, including then-city manager Marc Ott and the city’s office of real estate services, Capella indicated it would be interested in pursuing a long-term ground lease.

“They came back after they did a legal review and said, ‘You know what, a 99-year (lease) is equivalent to a sale of the property. That’s going to require an RFP (request for proposal),’” Moxham said. “We said, ‘OK, fine. We have no problem with that.’”

Austin did an appraisal of the site in August 2016 valuing McKalla Place at $29.5 million. Capella put together a team and began working on a land plan for the site with the idea that, based on what the firm had been told by the city as early as March 2017, an RFP was on its way.

It then became a game of hurry up and wait. An RFP that Capella thought would come out by summer 2017 and then by year’s end still has not come out.

“That’s kind of where we are today,” Moxham said. “But we’ve got a land plan on the McKalla site and it’s something that we’ve been looking at for well over two years now.”

PSV, which announced last October the possibility of relocating the Crew after the 2018 MLS season, switched gears from two parkland sites in Austin to focus on McKalla Place in March. PSV officials have said they would like some sort of stadium deal or letter of intent in place by the end of the month.

Moxham said Capella was never given a specific reason as to why the RFP was delayed, but there are a few good guesses. Ott, who said in an email he doesn’t have any knowledge of the site, left Austin for the International City/County Management Association in 2016 and Capella’s primary contact at the office of real estate services, Lauraine Rizer, retired.

“I don’t really know why other than it’s easy to just draw the conclusion that any time you’re dealing with a political body, these things can get pretty dragged out and (they are) unable to make any decisions,” Moxham said.

Capella has plans for a development that would include 1,500 housing units — a “significant portion” of which would be affordable housing — 120,000 square feet of retail that would include a grocery store, and six acres of parkland. Moxham said a relocation of the Kramer station MetroRail stop would be privately funded.

Another group, developers Marcus Whitfield and John Chen, made an unsolicited offer of $22.5 million to buy McKalla Place or $2.2 million per year with 1.5 percent annual increases over an 80-year lease term to city manager Spencer Cronk last week.

Capella will not follow suit without an RFP, Moxham said.

“I think it has to go through an RFP process to get there,” he said. “Unless there’s something that we don’t understand and the city can circumvent certain legal aspects of this, there’s no reason at this time to come up with some type of offer. That would come out in the RFP.”

Councilmember Leslie Pool has said multiple times she intends to bring a resolution calling for an RFP for McKalla Place at Austin City Council’s June 28 meeting.

“We haven’t yet decided whether a stadium is appropriate for this site because we don’t have sufficient information,” Pool said Tuesday. ”(An RFP) can compare what PSV has offered and any other parties who have indicated an interest.”

Moxham said Capella is not out to stir the pot or create enemies. As a soccer fan, he said he would go to MLS games in Austin. As a developer, Capella would like to see the tract adjacent to its own become a mixed-use development “whether we develop it or not.”

“We feel like that would be better for us and for the community. Ultimately that’s a big discussion and council has to make that decision,” Moxham said. “So, I don’t know that we’ll do anything other than we’re happy to talk about it and we’ll sit back and see what happens like everybody else.”

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Student housing giant Campus Advantage invests Seattle market with $95 million in University District acquisitions – Puget Sound Business Journal

One of the nation’s largest owners of student housing this week made a $94.8 million bet on Seattle’s University District, where it bought nearly 400 units that are delivering some of the highest per-square-foot rental rates in town.

Austin, Texas-based Campus Advantage bought the two-building Identity project (4106 and 4119 and 12th Ave. N.E.) for $53.4 million and Liv Seattle (4717 Brooklyn Ave N.E.). The sellers were limited liability companies that, according to online records, is a combination of CA Student Living of Chicago, and Principal Financial Group of Des Moines, Iowa.

Student housing long has been a driver in the U District, home of the 46,000-student University of Washington. Now that the neighborhood as been upzoned to allow significantly taller buildings, interest is ratcheting up.

Developers are moving ahead with big projects, such as a 24-story tower in the same block as Liv, and some longtime owners of old, small apartment buildings have banded together to jointly sell their properties as one site where around 550 market-rate apartments or housing with 1,100 student beds could be built.

This is no surprise given rental rates. At Identity, which consists of 198 small apartments, rents range from $1,399 to $1,649 for units that are between about 300 to 350 square feet, according to a leasing agent at the property. That works out to around $4.70 a square foot. In urban King County, per-square-foot rents were $2.77 last year, according to Colliers International’s Seattle Multifamily Team.

Rents at Identity have gone up significantly since early 2015, when the property opened. At the time Curbed Seattle reported that asking rents ranged from $814 to $1,409.

Liv is 56 units, though each is divvied up into units with two- to five-bedrooms. A leasing agent at the property said a bed in a five-room unit leases for $1,099, while one in a two-bedroom, two-bath apartment is $1,469. The apartments have a total of 198 beds, the agent said.

Neither property is offering concessions.

Identity and Liv are the only Washington state assets owned by Campus Advantage, according to the company’s website. The company says it’s the sixth largest student housing owner in the United States.

The company bought the Seattle properties as part of a 1,910-bed portfolio acquisition in five states. Campus Advantage formed a $200 million joint venture with a an unnamed state pension fund. Since 2007, Campus Advantage says it has acquired more than $1.5 billion in student housing assets through partnerships.

Rising rents have lured Campus Advantage of Texas to the Northwest.

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Additional Information About 6104 Janey Dr, Austin, TX 78757

6104 Janey Dr, Austin, TX 78757
6104 Janey Dr, Austin, TX 78757
Year Taxes Land Additions Total Assessment 2017 $16,327 $308,000 + $317,000 = $625,000 2016 $11,705 Price Not Available + N/A = $524,876 2015 $10,956 Price Not Available + N/A = $477,160

The price and tax history data displayed is obtained from public records and/or MLS feeds from the local jurisdiction. Contact your REALTOR® directly in order to obtain the most up-to-date information available.

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Head Of Texas Health Agency Resigns After Bungled Contracts

Charles Smith (Texas Health and Human Services Commission)

AUSTIN, Texas (AP) — The head of Texas’ sprawling health agency is resigning in the wake of it botching millions of dollars in contracts.

Republican Gov. Greg Abbott announced Thursday that Charles Smith, his longtime aid, was leaving his post as executive commissioner of the Texas Health and Human Services Commission at the end of the month.

Charles Smith (Texas Health and Human Services Commission)

Officials discovered last month that staff members incorrectly scored five managed care contracts worth an estimated $600 million.

The State Auditor’s Office released a subsequent report highlighting problems with the agency’s procurement processes.

Smith is the latest of several top agency officials to leave.

Abbott recently tapped former state Sen. Tommy Williams to help correct the agency’s contracting mistakes.

The governor said Williams will now lead it on an interim basis beginning June 1.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Austin real estate market continues to shatter records with best March ever

Austin’s real estate market continues to shatter records in 2018.

Just when you thought it couldn’t get hotter, Austin’s real estate market continues to shatter records. According to the Austin Board of Realtors March 2018 Market Report, Austin home prices are on the rise while the time properties actually spend on the market falls.

The Austin-Round Rock housing market saw a 10.5 percent increase in sales compared to 2017, which translates to a total of 2,714 single-family homes sold in Central Texas — the most ever on record. “This type of growth early in the year indicates a strong summer selling season ahead," says Steve Crorey, 2018 president of ABoR, in a release.

Also continuing its upward trend are prices for single-family homes, which jumped 3.5 percent to $305,233 in the metro area. Good news for residents within the city limits, though. While area prices continued to rise, in Austin proper they remained flat, with only a 0.1 percent year-over-year increase.

In spite of flatlining prices within the city, the amount of time single-family homes are spending on the market is declining. In the metro area, housing inventory levels decreased year-over-year to 2.2 months of inventory. When it comes to homes priced between $150,000-250,000, that shortened to less than 50 days spent on the market.

“Historically, it’s common for some homes to be on the market for 50 days or more, even in markets with strong housing demand,” Crorey says. “Within the city of Austin and other local markets with limited inventory, homes are spending a fraction of time on the market — as little as two weeks in some areas. This is an indicator of just how competitive it’s become to purchase a home in and around Austin.”

As ABoR points out, this increase in demand for home in the $150-250K region has led to the rise of smaller submarkets in suburbs like Del Valle, Manor, and Buda. And speaking of Buda, while the number of home sales sharply declined in March 2018, prices skyrocketed more than 7.4 percent to $280,000, thanks to a decline in available inventory.

All of this points to a very interesting trend: the emergence of Kyle as Austin’s next in-demand suburb, despite being 26 miles from the capital’s city center. This has led to an increase in sales to 19.7 percent and a median price increase of 8.4 percent to $225,000.

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BWW Review: SELF PORTRAITS Performs a Different Show Every Night in East Austin, TX

Venturing into East Austin as a theatre- goer is bound to deliver the more experimental artists and their creations within Austin’s theatre community. Blurring the lines between performance and therapy/social commentary, Bottle Alley Theatre Company present SELF PORTRAITS. An ensemble-driven collection of scenes (for lack of a better term) that present more like improvisation, or an open mic variety show but with a little more rehearsal. With the content developed by the performers, monologues are the consistent pulse through the show, allowing the actors the opportunities to share their personal and sometimes traumatizing stories. With soliloquies ranging from terminally ill family to intense personal reflection, the collection of artists sharing their tales show bravery and clearly display the therapeutic nature art and more specifically performance art, can provide to survivors and victims alike. Peppered throughout the emotional feast are quick dances breaks, funny skits and political sentiment of a younger generation fed up with the current system. These young people have found passion in their expression, passion both upbeat and completely devastating.

Though the overall concept of SELF PORTRAITS is extremely creative coming from East Austin echoing the artistic expression of the East Village, the format of this show presents 30 scenes listed high above the stage for the audience to determine what is to be performed next. With wires hanging loosely, props strewn about, this type of avant-garde theatre is unapologetic and adds an element of spontaneity – depending on the audience to determine the order of the show. Creative as this concept is, the shows format was sustainable until the hard hitting pieces collided with the presumably funnier subject matter. Adapting this quickly proved difficult for audience members who were resonating with the previous performance, no longer interested in a man-spreading dialogue after hearing the traumas endured and overcome by the last performer. There is a place for both in this show as the fun dance breaks and text dissection were a big hit along with many others. However, the scenes prepared for SELF PORTRAITS shared equal with explosive material and duds that could have been cut in rehearsal to help elevate the performance expectation.

As ensemble driven as SELF PORTRAITS presents itself, written and performed by over ten artists including directors Chris Fontanes and Dani Stetka, there were a few stand-out contributors who’s pieces were highlights onstage. Rachel Holderbach performed the best written piece over a flower pot, reminiscing her father’s passing while using her props effectively and efficiently. Holderbach provided an excellent example of self written work being performed, rather than recited. Marci Blackwell, in addition to Rachel Holderbach, acted as great comic reliefs throughout the show utilizing their comedic timing finding the truth in their comedy – allowing their pieces and jokes to land through living behavior, rather than cited gags. Mick Primmer, new to the Austin theatre scene, was a consistent funny presence on stage serving as the

best scene partner within this ensemble of players. Primmer’s ability to add context or humor to a scene with detracting from the main attention made him a very valuable player in the sequences he contributed to.

Turning the attention to the hard-hitting emotionally revealing monologues, Amanda Aguirre’s performance in her piece Bare was soul touching. Although a bit shaky, and rightly so, her words echoed that of many women’s experiences and her honest story she bravely shared was a show stopper. The piece Bare in Aguirre’s story to tell, (no details of her harrowing story will be revealed here) however audiences should know there is nudity involved in her piece. This artistic expression was used tastefully and artistically elevating her impactful performance. Further analyzing the other performers emotionally driven monologues a heightened performance was unfortunately missing. Providing the performer with specific blocking and insisting a script be performed would have elevated most of these performances from emoting to a performance ready piece. Directors and writers are necessary and in most of the individual pieces, the artists clearly cross the line of performance into wandering story-telling. No doubt the sentiment and spontaneous nature is entertaining, however there needed to be more direction from Chris Fontanes and Dani Stetka. As Sanford Meisner says, "Acting is living truthfully under given imaginary circumstances" truthfulness in the performance was unparalleled, shaping the content into manageable scenes was skewed for some monologues with little elevation in performance provided other than the subject matter.

For a taste of something different, spontaneous and heartfelt, SELF PORTRAITS is the show for you. Wandering east of our cities dividing interstate will open the key to Austins experimental theatre scene. With a wide variety of material to perform, SELF PORTRAITS provide elements that will surely resonate with an individual’s experience. Taking time to honor the strength and bravery this collection of performers display, but also the humorous outlook necessary to make it through this life as not only and artist, but a citizen of the world. Get ready to cry one minute and hit the dance floor the next.




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Photo Credit: Mick Primmer

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3-D-Printed Houses Could Revolutionize Affordable Housing

Across the globe, 330 million families can’t find a decent affordable home to live in, and the problem is rapidly growing worse, according to a working paper issued last year by the World Resources Institute. As this 2015 Reuters story details, the slums of fast-growing cities in Latin America are filled with haphazard shacks built from scrap metal and wood, erected by impoverished urban dwellers.

But now, Austin, Texas-based construction technology startup ICON and San Francisco-based nonprofit housing organization New Story may have at least part of the answer to the world’s affordable housing problem. They’ve developed a house that can be built in fewer than 24 hours, for a projected cost of less than $4,000, using a special mobile 3-D printer that is designed to work in rugged conditions in developing countries.

ICON and New Story recently demonstrated the technology in Austin, by producing what reportedly is the first 3-D-printed house in the U.S. that’s up to code and fully permitted for people to live in.

"We wanted to build and meet the highest of U.S. housing codes to prove the technology has the ability to build safe, strong homes that can face hurricanes and earthquakes," New Story co-founder and head of product Matthew Marshall explains in an email.

Here’s a YouTube video about the project:

In an email, ICON co-founder Jason Ballard says that he and his partners, Alex Le Roux and Evan Loomis, began working together in early 2017, out of a mutual interest in finding a more efficient, less wasteful way to build affordable houses. "Approaches to construction hadn’t changed in so long it was like people had forgotten how to even imagine a different way," Ballard explains.

ICON and New Story subsequently joined forces through entrepreneurial accelerator Praxis, according to Marshall.

On-site Home Printing

The key breakthrough was development of the Vulcan 3-D printer, a gantry-style device that moves on rails to build the home, layer by layer.

"The key differentiator with what we are doing is that we are focused on whole-home site-printing," Ballard explains. "Many other companies working in the space print in warehouses, or only print pieces of a home that are assembled elsewhere. We believe this surrenders many of the basic advantages of 3-D printing. We have several patents submitted in hardware, software, and materials, and several more in process."

Ballard says the printer is lightweight and designed with minimal bells and whistles, making it rugged and dependable. The current model uses inexpensive basic concrete as a building material, but ICON is exploring the use of other materials in the future as well.

New Story’s Marshall says that concrete is more resilient and energy-efficient than building materials such as drywall and particle board, which are staples of home construction in the U.S. And by using 3-D printing to build a structure in layers, it’s possible to build with near-zero waste. The process also affords "tremendous design freedom – curves and slopes are no more challenging or expensive than straight, plumb lines."

Increased Speed and Lower Cost

While it took about 48 hours to print the demonstration house in Austin, the printer was running much slower than its potential speed, Ballard says. Once the houses are in production, it’ll be possible to create one in a day and possibly as little as 12 hours, with as few as two or three workers.

While the printed portion of the demonstration home cost $10,000, ICON and New Story have a goal of getting the production cost down to $4,000 for what Ballard says will be a "very basic, but solid and weatherproof, house."

New Story is currently trying to raise $600,000 for additional R&D, and another $400,000 to build 100 homes in El Salvador that would comprise the world’s first entirely 3-D-printed community. They’re hoping to begin construction in 2018. Medium has a more detailed explanation of the project.

Ballard says that 3-D printing is the way of the future in home building, and not just in developing countries. "I think it is a revolutionary paradigm shift in home construction that is better in every way: speed, cost, design freedom, energy efficiency, maintenance, resiliency, waste and comfort," he says.

"So whether you are building a house in El Salvador or in San Francisco our opinion is that it should be 3D-printed, at least if you care about cost, sustainability, and human well-being." He says that ICON plans to unveil additional projects in months to come.

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InspiringApps Opens a New App Development Office in Austin, TX

"As we considered potential locations for expansion, Austin quickly rose to the top of our list," said Brad Weber, President and CEO of InspiringApps. "The vibrant entrepreneurial, start-up, and tech community is energizing, and the University of Texas fosters a culture of learning. In many ways, Austin shares the innovative, communal atmosphere of Boulder that we love."

In addition to participating in the strong start-up community present in Austin, InspiringApps is excited to be in relatively close proximity to Dallas and Houston. Both of these major metropolitan areas are rich with high-tech Fortune 500 companies. "While technology already enables us to work with clients from across the nation, we are excited to be in closer proximity to other industry hubs," stated Weber. "We currently enjoy working with a range of clients, from start-ups to some of the world’s largest companies, and we expect that our new office in Austin will enable us to maintain that mix."

Despite its rapid growth, Austin has kept its roots and continues to draw talented people committed to maintaining a sustainable work-life balance. The company expects to benefit from the area’s diverse high-tech talent pool as it grows.

Those interested in a free consultation about their app development idea are encouraged to contact InspiringApps at

About InspiringApps: InspiringApps is a leading mobile app design and development company that was founded in Boulder, Colorado. For over a decade, they have built beautiful and engaging apps, for all kinds of smart devices, that inspire how people live, work, and play. Their clients range from innovative start-ups to some of the biggest brands in the world.

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