By Anca Gagiuc
Austin’s booming economy and rapid population growth have led to a surge in housing demand in recent years. The city absorbs huge volumes of new apartments, despite sustained efforts to maintain a healthy inventory stock.
The metro currently has roughly 50,000 units in different stages of development, 16,000 of which are under construction. By the end of the year, more than 11,000 are slated for completion. The list highlights the metro’s top 10 largest multifamily communities under construction, based on unit counts, according to Yardi Matrix data.
Oden Hughes’ 339-unit partially affordable community is located on four acres in east central Austin at 2515 Elmont Drive. It broke ground in October 2015 and completion is anticipated for August 2017.
The community will boast sustainable features and is proposed to achieve LEED Platinum certification. Community amenities include a fitness center, clubhouse, swimming pool and covered parking. Units feature washer/dryer in all units, high ceilings and private balconies/patios.
The unit mix consists of one- and two-bedroom units ranging in size from 529 to 1,250 square feet, six Live-Work units and 17 affordable apartments. Community amenities include a fitness center, clubhouse, swimming pool, covered parking and 432 parking spaces. Units feature washer/dryer in all units, high ceilings and private balconies/patios.
A construction loan in the amount of almost $37 million was funded by Wells Fargo Bank.
MAA’s 344-unit community located at 1414 South Lamar Blvd. in Austin’s West End submarket is the second phase of Post South Lamar, a 298-unit community, with which it shares the leasing office. On the ground floor, the property includes 5,800 square feet of restaurant and retail space.
The unit mix includes studio, one- and two-bedroom floor plans ranging in size from 401 to 1,190 square feet, while rents vary between $1,176 and $2,242. The community has 54 affordable units and select 401- and 637-square-foot units are reserved for low-income housing.
Units feature granite countertops and stainless appliances, concrete floors and tile floors in bathrooms. Common area amenities include three electric car-charging stations, business center, internet café, club room with 90-inch flat-screen TV, entertaining kitchen and outdoor patio, resort-style pool, courtyard gardens, fitness center, laundry facilities and recycling area.
The multifamily property had its construction permit issued on January 2015, with completion anticipated for late October 2017. Pre-leasing has already started in May 2017.
8. IO at Tech Ridge
The 351-unit community is owned by Kenneth P. Brown, a private owner from Florida. Located at 12600 McCallen Pass in Austin’s Dessau submarket, the asset begun construction in September 2014 and is scheduled for completion in the summer of 2017. Construction financing is provided by HUD.
The unit mix includes one- and two-bedroom floor plans averaging 920 square feet. Unit amenities include private balconies/patios, washer/dryer in all units and high speed internet access. Community amenities include a swimming pool, fitness center, community room and enclosed garage.
Located in the Abercrombie submarket at North Lamar Blvd. and Sugaree Avenue, the 353-unit project will offer one- to three-bedroom floor plans ranging from 642 to 1,405 square feet. The community will have sustainable features and is seeking LEED certification.
Indoor amenities will include a conference room, resident lounge, clubroom and fitness center as well as Wi-Fi throughout the common areas. Outdoor amenities will feature three courtyards—one for exercise and yoga with the fitness center doors opening up to the area, one for relaxation and a pool courtyard with a resort-style swimming pool. Moreover, the community will have access to a 7,000-square-foot partially shaded dog park.
A Trammel Crow/Principal Global Investors asset, the community broke ground in January 2017 and is slated for completion by November 2018. Pre-leasing is scheduled to commence in January 2018. The development team includes architect JHP Architecture and general contractor Andres Construction, while construction financing was provided by Comerica Bank and Southside Bank.
Altman Cos.’ 354-unit asset occupies 19 acres at 12700 Ridgeline Blvd. in Cedar Park. The property broke ground in July 2015 and is scheduled for completion in the summer of 2017.
The unit mix comprises one-, two- and three-bedroom floor plans averaging 985 square feet. The controlled-access community features a fitness center, business center, clubhouse, playground, pet park, swimming pool, spa and media room. In addition, the property offers 658 parking spaces, electric charging stations, bike repair and pump station. Unit amenities include private balconies/patios, oversized walk-in closets with double shelving, USB charging stations, energy efficient designer lighting, ENERGY STAR refrigerators and dishwashers, and energy saving, high-efficiency cooling units with Aquatherm® heating and Natural Gas water heater. Select units have direct access from garages.
Construction financing valued at roughly $33.5 million was provided by Comerica Bank.
Located on the east side of Austin at 2823 East Martin Luther King Jr. Blvd., Greystar’s 355-unit community started construction in May 2015 and is nearing completion, slated for July 2017.
Residents can choose from studio, one- and two-bedroom floor plans and two-bedroom townhomes, which range in size from 529 to 1,560 square feet. Common area amenities include three pools, outdoor kitchen and TV lounge, 12,000-square-foot club room, game lounge, private work spaces, social dining and bar area, fitness center and Yoga/Pilates studio, dog park and private garages. Unit amenities include washer/dryer in all units, glass walk-in showers, Nest thermostats, walk-in closets, designer lighting fixtures and chef kitchens with peninsulas or islands.
The community stated pre-leasing in September 2016 and was 61 percent occupied in June 2017.
4. The Emerson
A CESM Real Estate asset, the 384-unit community occupies more than 19 acres at 1221 New Meister Lane in Pflugerville. The property broke ground in March 2016 and is slated for completion by the end of 2017.
The unit mix encompasses one- to three-bedroom floor plans ranging in size from 661 to 1,346 square feet and feature washer/dryer hookups in all units, vaulted ceilings and high speed internet access. Community amenities include a fitness center, business center, clubhouse, volleyball court, swimming pool, controlled access enclosed garage.
Construction financing amounting to $27.1 million was provided by Synovus Bank.
Oden Hughes’ 400-unit community broke ground in October 2016 at 10500 South Interstate 35 Frontage Road in the Sunset Valley submarket. Completion is scheduled for April 2018 and pre-leasing will commence in September 2017. A second phase, consisting of 260 units, is part of the project, but the start date of construction is yet to be determined.
The 15-building community occupies 13 acres and offers one-, two- and three-bedroom floor plans ranging in size from 587 to 1,721 square feet. Common area amenities include two swimming pools, covered parking, clubhouse, 671 parking spaces, private balconies/patios and enclosed garage.
The 415-unit community located at 13535 Lyndhurst St. in Cedar Park is owned by StreetLights Residential. It broke ground in January 2015 and is slated for completion in July 2017. The community started pre-leasing in November 2016 and in June 2017 occupancy was at 66 percent.
Situated on 14 acres, the 13-building community features a swimming pool and sun deck, full-service lounge, community amenity center complete with a gourmet kitchen, fitness facilities, media room, electric car charging stations and 1,245 parking spaces. Residence interiors boast vaulted, coved ceilings with ceiling fans, ENERGY STAR appliances, kitchens with stainless steel appliances and solid wood custom cabinetry, plush bedroom carpeting and private patios.
The unit mix comprises one- and two-bedroom floor plans and three-bedroom townhouses ranging in size from 599 to 1,896 square feet. Rents start at $866 per month for a one-bedroom apartment, while a townhouse rents for $2,297 per month.
A construction loan in the amount of $36.5 million was funded by Texas Capital Bank.
The largest multifamily community currently under development in Austin, the 445-unit property broke ground in October 2015 and is scheduled for completion by the end of the year. W3’s asset, located at 4301 Grand Avenue Parkway in Round Rock, offers one- to three-bedroom units and four-bedroom townhouses ranging in size from 652 to 1,917 square feet. Rents start at $965 for a one-bedroom apartment and go up to $2,323 for a four-bedroom townhouse.
The pet-friendly community features a swimming pool with tanning deck, business center, limited-access gates, fitness center, outdoor kitchen with fireplace lounge, game room and playground. Unit interiors include washer/dryer hookups in all units, high ceilings, hardwood floors, private balconies/patios, programmable thermostats, energy-efficient insulation and contemporary track lighting and designer pendants.
Branch Banking and Trust Co. funded a $38.5 million construction loan.
Images courtesy of Yardi Matrix and property websites