GEORGETOWN, TX - Partners Real Estate, one of the largest independent commercial real estate firms in Texas, has sold an approximately six-acre site at its future – and newly branded – The Commons at Rivery mixed-use project in Georgetown for an undisclosed price. The prime parcel, located between the intersections of Park Lane and Rivery Boulevard on Williams Drive, was purchased by Novak Commercial Development, a strategic real estate investment company based in Georgetown. With the goal of introducing a multifamily anchor at The Commons at Rivery, Novak’s plans call for 300 upscale apartment residences in a pedestrian-oriented environment.
Alex Makris of the Partners’ Houston office brokered the sale, along with buyer representative Kevin Murphy of Partners’ Austin office.
According to Partners Senior Vice President of Development Julie Ward and Managing Director of Development Carter Perrin, “We are honored to be a part of Georgetown’s evolution with The Commons at Rivery, a dynamic and walkable destination that will reimagine nearly 15 acres key to the city’s Williams Drive Gateway Plan. We’re excited to work alongside and collaborate with homegrown firm Novak as we forge ahead with creating a vibrant destination for both locals and visitors in one of the fastest growing communities in the country.”
Upon its projected completion in 2025, the four-story multifamily property will be oriented towards a central common area shared amongst more than 45,000 square feet of premium retail, service and restaurant space, representing a mix of local and national brands. The first phase of retail construction, encompassing 23,000 square feet in a series of one-story buildings, is slated to begin the second quarter of this year. The Commons at Rivery will also incorporate 650-700 parking spaces within the overall project.
“We are thrilled to begin a joint partnership with the Partners team on The Commons at Rivery, located in a prime position in Georgetown, Texas,” said Andy Heard, President and Partner of Novak Commercial Development. “Our vision to develop high-quality, experiential living makes this partnership a perfect fit. Novak and Partners will bring another game-changing project to a market hungry for lifestyle living experiences.”
Partners Development acquired the 14.7-acre Commons at Rivery site – formerly home to McCoy Elementary School – in December 2021 to repurpose the property as a higher density urban hub. In October 2022, Partners successfully led the rezoning and entitlement efforts resulting in a unanimous approval from Georgetown City Council to move forward with the development. Site planning calls for a variety of impactful landscaping features and the preservation of 19 heritage trees.
Including The Commons at Rivery, Partners has over $150 million in active development projects and over $200 million of development projects in its existing pipeline. For additional information regarding development opportunities and services, please contact Carter Perrin or Julie Ward at 713.629.0500.
About Partners: Partners is the 2nd-largest partner-operated, privately-held and independently-owned commercial real estate firm in the state of Texas. Partners was founded and is headquartered in Houston and has offices in San Antonio, Austin and Dallas; employs more than 200 real estate professionals; and arranges more transactions than any of its competitors, completing over 700 commercial lease and sale arrangements every year. Partners is a full-service commercial real estate firm providing client solutions via its services business for Office, Industrial, Retail, Land, Life Sciences, and Multifamily product types across Brokerage Services, which includes Tenant Representation, Investment Sales, and Land Sales; Investor Services, which includes Property Management, Project Leasing, Project Management, and Facilities Management; Valuation Services, which includes Valuation & Advisory, Litigation & Expert Witness Testimony, Property Tax Consulting, and Institutional Fund Valuation; and Project Services, which includes Construction Management and Space Management; and creating value for its investors through its Private Equity line of business, which includes its investment management platform specializing in the acquisition and disposition of office, industrial, and retail multitenant properties via multiple investment funds, and the development of retail, industrial, office, and mixed-use projects.
Partners is the top Houston-based full-service commercial real estate firm on the Inc. 5000 list of fastest-growing private companies in America; the 4th-largest Houston-Area Commercial Real Estate Brokerage, #1 Mover of Square Feet among leasing and sales brokerages, and largest partner-operated, privately-held and independently-owned commercial real estate firm in Houston per the Houston Business Journal; the only commercial real estate firm on the Houston Business Journal’s Mid-Market 50 list; a top 3 largest San Antonio Commercial Real Estate Brokerage per the San Antonio Business Journal; and a top 20 Property Management Firm by square feet under management in Houston per the Houston Business Journal. Partners has been named a Best Place to Work by the Houston Chronicle, Houston Business Journal and Austin Business Journal; and is among the University of Houston’s Cougar 100 Fastest-Growing Companies. Visit us on the web at www.partnersrealestate.com