Recent Updates

This quarter we reached several milestones at the site. In November, concrete foundations started and in December the mat foundation was poured, and mass excavation and retention were completed. Looking forward, the upcoming project milestones include finishing the slab-on-grade foundation and constructing the podium to grade (ground level). At the end of Q4, we had completed approximately 19% of the total project. The project remains on budget. However, the asset will not be making a distribution this quarter as it remains under construction.

Summary

The Waller Creek Development is an opportunity to invest in a curated asset sourced through the Cadre network that is underwritten and co-managed by our repeat, institutional sponsor Kairoi. Waller Creek Development is a ground-up development of a core urban mixed-use property comprising 686k square feet of office space, 352 luxury apartments, 251 hotel guestrooms in Austin, TX.

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Three Reasons to Invest in Waller Creek Development

Irreplaceable Core Urban Mixed-Use Property

Waller Creek is a build-to-core investment that will benefit from stable cash flow driven by a diverse set of revenues upon its completion. As the to-be tallest building in the state of Texas, this iconic project will be one of the most desirable hotels, apartments, and office buildings in Austin.

The design, quality, and thoughtfulness with its array of top-tier amenity offerings present Austin’s newest, most-sophisticated lifestyle destination, defined by polished comfort, impeccable service, and a contemporary form of luxury. Upon completion, the Project will offer a critical mass of the highest quality, state-of-the-art office space augmented by an unparalleled amenity package.

Repeat Sponsorship with Proven Track Record

Kairoi Residential is a premier,1 vertically integrated, multifamily investment, development, and property management company that has transacted on $6.3 billion across 60,000 multifamily units since 2003.

Lincoln Property Company (“LPC”) is a dynamic real estate firm that offers a wide range of value-added services for its clients including asset and property management, construction management and build-to-suit services, investments / acquisitions, and landlord representation.

Cadre successfully partnered with Kairoi on two capital-intensive multifamily development projects in Dallas, TX.

Nation-Leading Demographic Trends

Austin is the best performing job market in the country driven by continued growth in the tech sector and in-migration of companies and individuals attracted to Texas. Dubbed “Silicon Hills,” Austin is one of the nation’s preeminent locations for technology, with more than 160,000 tech employees at 7,700+ high-tech companies including Apple, Facebook, Amazon, AMD, Dell, Oracle, IBM, and others. The Austin market has a confluence of conditions that foster continued growth including leading research institutions, growth capital, public companies, innovative startups, and intellectual capital.

See the investment memorandum for additional detail and sources.

High Growth & Strong Economic Market

Austin is one of the nation’s fastest growing and strongest markets for both population and job growth, driven by its attractive quality of life at a low cost of living, and low cost of doing business. This project benefits from a prime location in the Rainey district and is directly accessible via the Butler Hike and Bike Trail, connecting the site to downtown Austin and the historic Lady Bird Lake - the epitome of the Austin lifestyle with abundant recreation opportunities.

Waller Creek Development

Development Cost

$992mm

Underwritten Hold Period

10 years

Deal Details
Speak with our Investor Relations Team at (646)-494-7233
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$25,000 minimum investment