We apologize to our readers. Stockbridge Updates had the story of the sale of Elm Court ready for last issue and it was left on the cutting room floor. Travaasa put Elm Court on the market for a figure ($12.5 million) roughly equivalent to what they spent to date on purchase, stabilization, plan preparation, application process, and legal fees.
As reported in earlier issues of Stockbridge Updates, this is a hot real estate market. Is Travaasa testing the market to determine if it can quickly recuperate all expenses and move on? If they cannot sell for the asking price, will Travaasa continue with its development plans?
If they sell to a developer, will the approvals transfer to a new owner? Will Travaasa retain a part ownership to assure they do? Is the “sale” a way of attracting a development partner — an infusion of development money?
Miraval, the destination development arm of Hyatt, purchased Travaasa Austin (Texas) in 2016. After developing Cranwell, would Miraval be interested in Elm Court? Is there a buyer who wants Elm Court as a single-family home given its size and condition?
