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Deals & Dealmakers

Novak Acquires 6 Acres in Partners’ Upcoming Georgetown Mixed-Use Development for Multifamily Building

 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.

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