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Avison Young announces sale of 26 acres of land for a 650 unit multifamily development in Bastrop, TX
April 27, 2023
Austin, TX – Avison Young announced today the sale of 26 acres of land for development of a 650-unit multifamily project located at Hwy 71 and FM 969 in Bastrop, TX. The site is within a 75-acre mixed-use development by Pearl River Companies that will bring a vibrant mix of retail, entertainment, dining, medical and residential uses to the fast-growing Bastrop market with completion expected within 24 to 36 months.
Avison Young Executive Vice President John T. Baird, Principal Michael B. Kennedy and Vice President Sullivan Johnston of the Land Development team in the firm’s Austin office, represented the seller, Pearl River Companies. The buyer was Atlanta-based Wood Partners.
Pearl River Companies is a privately held commercial real estate investment and development firm with a focused strategy for opportunity-driven value creation. The Pearl River team specializes in master-planning lifestyle mixed-use environments. The company acquired the 75 acres with the intent to act as master developer of the overall project while selling off the multifamily and hotel parcels to best-in-class developers who bought into the vision of delivering a regional destination for the growing Bastrop community.
“Our team’s marketing efforts for this 26-acre land parcel emphasized the lifestyle community the development will offer future residents,” said Kennedy. “We sought a developer who understood the opportunity of being in Bastrop and whose product would complement the greater development. Wood Partners was an ideal fit, and we look forward to seeing this much-needed, quality project come to fruition.”
Wood Partners plans to break ground in the near future on the multifamily site with the first units anticipated to deliver over the next 12 to 18 months with full project completion in approximately 24 months.
Johnston added, “This sale supports the opportunity presented by Bastrop’s tremendous recent and future growth. Not only does the trade area of Bastrop serve over 300,000 people currently, the projected population growth and urbanization of Bastrop will demand more projects like these to support the community.”
“Land remains in high-demand for the greater Austin market,” noted Baird. “Developers are seeking well-located parcels and land opportunities within mixed-use developments such as this project which are in particularly high demand, garnering the strongest sale prices.”
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