Owners of Capitol Quarters, an innovative downtown multifamily property 1108 Nueces Street seized in lieu of foreclosure earlier this month, have some changes for the property in mind. Churchill Real Estate Holdings will keep the downtown Austin apartment complex it repossessed but plans to change its management and marketing approach, the Austin Business Journal reported Sunday.
Austin's Weaver Buildings developed Capitol Quarters as a co-living project intended to lower rent for workers, in part by eliminating the cost of building and maintaining onsite parking usually passed on to tenants. After the pandemic hit, the developer pivoted to a multifamily project, terminating the lease with the co-living group and finding new financing but was unable to sustain the property due to low occupancy.
A Churchill rep told ABJ that the company plans to hang on to Capitol Quarters but will operate it "as a traditional multifamily property." The investment company will make improvements including adding a gym, bring in onsite leasing and property management teams, and look at parking options, possibly partnering with nearby garages, the Journal reported.
