Austin’s Broken Spoke still in the middle; The 704 for sale

​​​AUSTIN – Denver-based real estate manager Amstar, acting on behalf of
one of its public retirement system clients, and its partner
Transwestern Development Co. have built and decided to sell The 704, a
Class A mixed-use apartment development in Austin.

The 378-unit
multi-family property with 20,000 sf of retail and restaurant space,
located at 3401 S. Lamar surrounds the famed Broken Spoke, a Texas
country-western dance hall.

Amstar and Transwestern Development Co. acquired the seven-acre site in May 2012 and built the property.

“With
The 704 now 97 percent leased, it was perfect timing to bring the asset
to market," Josh Delk, associate vice president, Transwestern
Development Co. said. “Austin is an attractive market for investors due
to its low vacancy and rising rents, presenting favorable conditions to
market The 704.”

The property’s other retail space is leased to
several local and national tenants, such as aRoma Italian Kitchen and
World of Beer tavern.​