Austin’s strong allure has been undeniable in past years, and the ongoing health crisis further bolstered the Texas capital’s shine. As one of the hottest markets for investment, the rapidly expanding metro also holds one of the most robust employment bases in the country.
In 2021, a total of 67,811 units came online across 257 properties in Texas, a significant increase since the 64,982 units and 254 projects recorded the previous year. Across major markets in the state, Austin registered the largest gain in multifamily developments last year, reaching 74 completed projects and 18,324 units. The Houston-West market came in second, with 57 projects delivered, while Dallas-North ranked third with 45 newly completed communities.
In Austin, the bulk of developments delivered through 2021 were in the Lifestyle segment, according to Yardi Matrix data. The largest communities by number of units that came online last year in the Texas capital—and featured here—are also the top five developments in the state.
|Submarket||Property Name||No Units||Address||Owner|
|Dessau||The Vineyard||468||14199 North Interstate Highway 35 Pflugerville, Texas||Treeline Partners|
|Sunset Valley||Reveal at Onion Creek||434||12000 South IH 35 Frontage Road Austin, Texas||Berkshire Residential Investments|
|Round Rock||Parkside at Round Rock||432||5000 North Mays Street
Round Rock, Texas
|University of Texas||Aura Thirty2||379||3233 Harmon Avenue
|Banner Oak Capital Partners|
|Abercrombie||Korina at the Grove||373||4424 Jackson Avenue
|Milestone Community Builders, Castletop Capital, Trammell Crow Residential|
5. Korina at the Grove
Situated north of central Austin at 4424 Jackson Ave., Korina at the Grove is the only multifamily community to come online last year in the Abercrombie submarket. Developed by a joint venture of Milestone Community Builders, Castletop Capital and Trammell Crow Residential, the property is part of The Grove at Shoal Creek, a 76-acre mixed-use neighborhood just off MoPac Expressway.
The large-scale development’s residential portion is slated to encompass some 1,550 units, including single-family homes, townhomes, rental apartments and condos. Operated by Greystar Management, Korina at the Grove offers a mix of studios, one-, two-, and three-bedroom apartments, totaling 373 units. In late 2018, the project received a $55 million construction loan from PlainsCapital Bank.
4. Aura Thirty2
The 379-unit community is one of the five properties that came online in 2021 within the University of Texas area in central Austin, amounting to a total of 1,256 units delivered for the submarket the past year. Located just off Interstate 35 at 3233 Harmon Ave., Aura Thirty2 was developed by Trinsic Residential Group. According to public records, Banner Oak Capital Partners is the current owner of the asset.
The five-story project offers one- and two-bedroom units, a resort-style swimming pool and a business lounge with executive suites. Dallas-based architecture studio Womack + Hampton designed the building and Avenue5 Residential is listed as the manager.
3. Parkside at Round Rock
Located north of Austin, the 432-unit community is one of the two multifamily communities in Round Rock, Texas that came online last year. The original developers, a joint venture of Columbus Realty Partners and Simon, broke ground on the community in 2019. According to Yardi Matrix, Treeline Partners purchased the asset in June 2021, backed by a $62 million loan from Invesco Real Estate.
Designed by Dallas-based JHP Architecture/Urban Design, the property is adjacent to Round Rock Premium Outlets and comprises a mix of studio, one-, two- and three-bedroom apartments with open-concept floor plans. Three-bedroom townhomes were also included on the property.
2. Reveal at Onion Creek
One of the two communities that came online in Austin’s Sunset Valley neighborhood last year, Reveal at Onion Creek comprises a total of 434 units. In 2018, Wells Fargo Bank provided a $41 million construction loan to the developer, Western Rim Property Services, which eventually sold off the completed asset to Berkshire Residential Investments in September 2021, public records show.
Situated just off Interstate 35 in southern Austin, the property offers one-, two-, three- and four-bedroom options. Common-area amenities include an Olympic-size swimming pool, a fitness center and an outdoor fireplace lounge.
1. The Vineyard
The Vineyard was the largest multifamily community completed last year not only in Austin but the entire state of Texas. In July 2021, Treeline Partners purchased the property situated at 14199 N. Interstate Highway 35 in Pflugerville, Texas from Ledcor Properties. Invesco Real Estate Debt Fund backed the deal with a $66.5 million loan.
The Vineyard sits on an 18.5-acre plot and comprises 24 buildings. Encompassing 468 units, the property is situated within the Dessau submarket and was one of the three communities completed in the area in 2021. The other two, namely Presidium Pecan District and Citadel at Tech Ridge, created an additional 580 units for the neighborhood.