Austin developer Endeavor raises $300 million for real estate investments

Endeavor Real Estate Group, one of the most active developers in Central Texas, is on a money-raising roll.

The Austin-based commercial real estate firm has raised nearly $160 million, according to filings with the U.S. Securities and Exchange Commission, and has commitments from investors that would increase that total to more than $300 million. The funding would go toward future real estate investments.

A June 25 filing with the SEC shows Endeavor raised $141.7 from 91 investors. A second securities filing showed that Endeavor raised $17.6 million in equity from 26 investors.

Bryce Miller, an Endeavor co-founder and managing principal, said the filings do not reflect all of Endeavor commitments, which are more than $300 million.

“The fund investors are private individuals for the most part, and a majority of them have invested in Endeavor projects in the past,” Miller said. “This real estate fund is not unique to Endeavor and is a commonly used vehicle for raising investment equity.′

Miller said the new fund “is broadly defined, and will invest in real estate assets across the U.S. where the investor returns appear to adequately account for the inherent risk in each deal. The types of real estate we are able to invest in can include, but is not limited to, land, existing assets such as office, hotel, residential, self-storage, mixed use, student housing, retail etc., and new development where it makes sense.”

Endeavor is currently active as an investor in Nashville, Denver, Houston, Dallas, San Diego, San Antonio, San Marcos and South and Central Texas, Miller said.

In Austin, Endeavor is known for developing high-profile projects that include the Domain, Domain Northside, Southpark Meadows, Champion Office Park and Rollingwood Center. Endeavor also developed the Bowie mixed-use tower in downtown Austin, and is under construction with partner MetLife Investment Management on a 30-story tower in the Rainey Street District called the Quincy. Due to open in 2021, the Quincy will have 347 apartments, plus office and retail space.

Endeavor also is developing the Saltillo mixed-use project in East Austin that has attracted tenants including Google Inc., Target, Whole Foods Market, a Chuy’s Tex-Mex restaurant and more.

Just south of downtown on Lady Bird Lake, Endeavor is working on plans to redevelop the 18.9-acre site that houses the American-Statesman newspaper offices. Endeavor recently unveiled initial plans for the site, which include 3.5 million square feet of new development that could include office, residential and hotel uses, along with shops and restaurants, a park and other public amenities. Endeavor is partnering on the proposed development with the landowner, the Atlanta-based Cox family, which formerly owned the newspaper.

In May, Endeavor bought the property at 312 Barton Springs Road that for 16 years has been home to Zax Restaurant & Bar. In an interview last month, Miller said Endeavor has no immediate plans for the property.

Zax owner Jeffrey Lynd said the purchase price topped $4 million. The restaurant has a lease in place and “will continue to operate for the near term,” Lynd told the Statesman last month.

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