LOS ANGELES – February 16, 2016 – CBRE Global Investors’ U.S. Managed Accounts Group has acquired The Mosaic at Mueller, a Class A 441-unit mid-rise apartment community in Austin, Texas, on behalf of Allstate. The Mosaic is 96 percent occupied.
The apartments are located at 4600 Mueller Road in East Austin, an established residential area two miles from the University of Texas and four miles from the Central Business District. The area is seeing a revitalization as both major employers and desirable retailers move into the neighborhood. Mosaic is part of the 711-acre mixed use Mueller Redevelopment. When completed, Mueller Redevelopment will consist of over four million square feet of office and retail, 5,700 residences and 140 acres of recreational amenities including parks, biking and hiking trails, lakes and a golf course.
With spacious units that are among the largest among competing residences, Mosaic features wrap-style construction and contemporary high-end unit finishes including granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes. The property also features a comprehensive amenity package including a 1,800 square foot fitness center, two pools, five courtyards with grilling areas, garage parking and 8,669 square feet of fully leased ground floor retail, which all help to differentiate it from competitors. Minor cosmetic updates are planned for the common areas.
“Led by robust technology sector hiring, Austin is a national leader in job growth and boasts one of the lowest unemployment rates in the country,” said Jeffrey Torto, senior managing director of CBRE Global Investors. “Employers are attracted to the area’s highly educated labor force, lower cost of doing business, business-friendly tax environment, and expanding cluster of industry-leading technology firms. These trends are expected to continue over the next five years and will continue to support strong rental demand.”
“The Mosaic at Mueller is a strong addition to our portfolio based on both the property’s high quality and Austin’s ongoing growth,” said Edgar Alvarado, head of real estate equity at Allstate. “In Austin and other areas of the country, we also continue to see strong demand for apartments with desirable amenities that are close to recreation areas, shopping and workplaces.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties.