Areté Collective and Wasatch Premier Properties Reached a Deal for the 58-Acre Parcel Located in Thomas Ranch's Downtown District
AUSTIN, Texas, Jan. 29, 2024 /PRNewswire-PRWeb/ -- Areté Collective, a vertically integrated development company, has sold a 58-acre site to developer Wasatch Premier Properties (WPP) to be utilized for multifamily housing within the downtown core of Thomas Ranch. The sale signifies the beginning of development beyond its Loraloma community within the budding master-planned community in Spicewood, Texas, located 25 miles outside of downtown Austin.
"We have been wanting to invest in the Texas Triangle for quite some time due to the high net worth growth in West Austin, and Thomas Ranch is one of the most exciting, visionary masterplans we've seen in the state," says Jarom Johnson, President of Acquisition/Disposition & Development for Wasatch Acquisitions & Capital. "We trust Areté Collective to bring the Thomas Ranch vision to life and are looking forward to developing, leasing, and operating this multifamily housing as part of a well-amenitized lifestyle community."
Scheduled to be delivered in early 2026, plans for the site include nearly 100 townhomes and 500 apartments designed in collaboration with Dallas-based,
Hensley Lamkin Rachel Inc (HLR). Apartment units will range from 650 to 1,400 square feet including one-,two-, and three-bedroom options. Two- and three-bedroom townhomes will also be offered on the property and will range from 1,400 to 1,700 square feet. In addition to the array of community amenities at Thomas Ranch, the new complex will have a dog park, swimming pool, spa, clubhouse, yoga and fitness studio, and more. This project will be similar to other WPP communities in Utah such as Soleil Lofts.
"Master planned communities are notoriously safe, walkable, well connected, provide large-scale amenities, and offer a sustained investment and enhanced lifestyle over time, and Thomas Ranch is no exception," says Joe Rentfro, managing director of Thomas Ranch. "Wasatch Premier Properties' decision to become the inaugural development partner within Thomas Ranch's downtown district brings us one step closer to delivering a lively destination to live, work, and play in west Austin. The ability to amenitize the community from the onset not only enhances enjoyment and livability for early adopters, but it also initiates an economic ecosystem that creates a continuous cycle of value creation and symbiotic business opportunities across Thomas Ranch. We are co-creating a new hub for the Texas Hill Country region and this multifamily project is just the start."
WPP's investment in Thomas Ranch and its commitment to developing a high quality, environmentally responsible, heavily amenitized multifamily community, will advance the community's vision to provide a variety of housing options throughout the development. In addition, it will generate a need for retail, restaurants and other service providers to service the growing west Austin community.
Upon completion, Thomas Ranch will include housing across all price points and types in distinct neighborhoods, with a downtown district offering more than 250,000 square feet of commercial real estate for retail, restaurants, service, and office space all within a 15-minute walkable district. The master planned community will also feature 40+ miles of trails, parks, and open spaces; two designated school sites; grocery stores; specialized healthcare offerings; a boutique resort hotel; and the private residential community, Loraloma, which includes an 18-hole golf course designed by David McLay-Kidd and its own exclusive suite of bespoke amenities. The golf course is currently under construction and slated for a full opening in spring 2025.
For more information on Thomas Ranch, please visit thomasranchtx.com. For a site map of the multifamily site, click here. For the Thomas Ranch land plan, click here.
Media Contact
C&R Public Relations, Arete Collective, 1 5047171550, [email protected], https://arete-collective.com/
SOURCE Arete Collective
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