Beck-Reit Development - 2131 Theo Sells! A 6-year Investment Pays Off
2131 Theo Dr: Beck-Reit Creative Office Redevelopment
6 years ago, Beck-Reit sold one of our mixed-use propertys in East Austin and did a 1031 exchange into 2 properties. 1 was a Ferrari Repair Shop on Theo Dr. off Airport Blvd near The Mueller Development. Our full redevelopment transformed the space into 5 unique creative office spaces with a shared kitchen common area and conference room. Now, just 6 years later, the property has been picked up by Cumby Development as the last piece of a new multi-family development getting ready to break ground.
East Austin continues to set record development pace despite 2020’s countless obstacles. It’s always tough to see your babies go, but we’ve loved our time at 2131 Theo and are happy to take advantage of this moment in the market. 2131 Theo is off to bigger, better uses - and we are off to our next investment. (Beck-Reit just completed its 2nd 1031 in a short 5 months)
