CREA began its journey to redevelop nearly 60 acres along the East Riverside Corridor in 2005. Situated along Lady Bird Lake, just 2.5 miles from downtown, the Lakeshore District was prime for redevelopment. CREA secured entitlements allowing for over 2,000 residential units and over 2 million square feet of office, and subsequently began plans for its first phase of vertical development: a 230-unit multifamily project called Lakeshore Pearl. Lakeshore Azul soon followed, providing an additional 300 units catering to young professionals seeking active, outdoor-centered living in the thriving soul of this amazing city. Today, the Lakeshore District is home to Oracle's Austin headquarters where they currently house 7,000 employees.
Corazon is a 256-unit Class-A multifamily project located along East 6th Street, just one block east of Interstate-35. CREA made exceptional efforts to create a project that would appropriately vibe with the local community and project the soul of East Austin. The project's ground-floor retail tenants come straight from the neighborhood and the interior walls of Corazon were painted by local artists. While the project conveniently sits adjacent to 10 million square feet of office space, Corazon feels perfectly centered in East Austin boutique-perfection.
The "star" of East Austin's Govalle neighborhood, the Guthrie is a 322-unit Class-A multifamily project along East 7th Street. The project's average unit size is 735 square feet and tends to attract young urban professionals seeking the Guthrie's exceptional co-working space and proximity to major employers, bars and restaurants.
In the mid-aughts, CREA acquired a 30-acre site just northeast of Coors Field that was formerly home to industrial buildings and weekend farmers' markets. Today, the area known as Denargo Market is one of the city's most vibrant and dynamic neighborhoods. CREA's first two developments on the site were the Yards at Denargo Market and the Crossing at Denargo Market, together totaling 622 units and offering its residents best-in-class amenities including rooftop decks. Today, CREA has plans to build two additional multifamily projects to serve the ever-growing demands of this neighborhood that it initially created.
One of CREA's first crown jewels, Abacoa is a 2,055-acre mixed-use development in Palm Beach County. The renowned master-planned community is comprised of 3,926 detached home sites, 2,354 attached units, and 3 million square feet of commercial development. Abacoa is also home to a world-renowned biotech research complex, two major league baseball spring training facilities, an acclaimed golf course, the Florida Atlantic University campus, and 608 acres of open space, parks, and greenways.
The Austin Stadium District Loan is an $8.5MM bridge loan secured by first and second liens on 2.9 acres within a mile of The Domain. The site is a main and main location at Braker Lane and Burnet Road that is adjacent to the under-construction Major League Soccer Stadium scheduled for completion in 2021.
The Copeland is a 328-unit Class-A multifamily project in Austin's booming Domain submarket. CREA's vision for this development was a community built around playing and living near where you work. The Copeland's location adjacent to the world-class Domain development and within 3.5 miles of the corporate campuses for Apple, IBM, and Dell allows its residents the best of both worlds.
Once the home of a beer distributor founded in 1976, the Capitol Beverage site will soon be home to a 342-unit Class-A live/work/play project in Austin's Domain submarket. The project will offer premium amenities, including a community rooftop deck overlooking Austin's first professional sports stadium, home to the Austin FC.
Regatta at Lake Lynn is a 396-unit apartment community in Raleigh that CREA acquired in November 2019. Regatta enjoys a central location between Raleigh's outer and inner beltlines (540 and 440) to the north and south, and major thoroughfares (Creedmoor and Glenwood) to the east and west. Many of the Triangle’s main employment hubs are within 15 minutes of the property including downtown Raleigh, downtown Durham, and the Research Triangle Park. In addition, Crabtree Mall and North Hills, two of the Triangle’s most popular retail centers, are just minutes from the property. The community enjoys 40 acres of mature landscaping and is located on Lake Lynn with direct access to the lake's 2.8-mile running trail. Property specific amenities include a large clubhouse, two swimming pools, a dog park, and a membership grade fitness center.
Located in the Northglenn submarket of Denver, Gleneagles is a 562-unit Class-A multifamily property that CREA acquired in July 2008. The 1999-vintage asset was well-maintained but in need of interior upgrades to bring the property's rents to market levels. The property is located along 120th Street, a major east-west thoroughfare connecting to Routes 25 and 36, giving residents convenient and quick access to both downtown Denver and to Broomfield.
Overlooking the Texas Hill Country, Spanish Oaks is Austin's most exclusive and high-end residential community. Through the issuance of mezzanine debt, collateralized with a second lien, CREA participated in the community's initial development. The investment was restructured to include an option on the adjacent retail land, which was subsequently exercised by CREA.
In 2004, CREA acquired fee simple interests in two premier blocks in downtown Austin, as well as a long-term leasehold interest on a 54,827 square foot parcel of land. The investment’s prime location between 2nd + 3rd Streets and Congress Avenue + Colorado Street was at the heart of Austin’s downtown renaissance in the early 2000s. CREA’s ability to quickly underwrite and close presented the opportunity to acquire this property at a significant discount to market prior to the seller’s bankruptcy proceedings. After closing, CREA immediately sold one parcel which became home to the Austonian condominium tower while continuing to hold leases on neighboring parcels. Today, CREA continues to lease the 2nd Street buildings to two blue-chip tenants.
At the precipice of the Great Financial Crisis of 2008, CREA acquired 3,240 single-family lots in nine communities across Texas, Florida, and Arizona. The seller was a national homebuilder seeking immediate disposition prior to its fiscal year-end. The purchase price of the finished lots was less than 15% of both the lot value and the cost to complete the horizontal infrastructure. CREA subsequently completed the horizontal development across the communities and exited by selling the finished lots to national homebuilders.
Located along East Cesar Chavez, Eastlake at Tillery is a 172,000 square foot office project, currently under construction. CREA assembled 3.4 acres from a former salvage yard and neighboring parcels to create a premier creative office site less than three miles from the Austin CBD. Eastlake at Tillery will provide premium amenities with convenient access to many of Austin's favorite restaurants and cultural gems.