Avanta Residential Begins Vertical Construction of Austin Apartments
The project is part of a 2,300-acre master-planned community.
Avanta Residential has moved onto vertical construction for the residential portion of its master-planned development in Bastrop, Texas. The developer broke ground on the residential portion, which will be named Avendale and will be part of The Colony development, back in March 2021. With vertical construction underway, Avanta is expecting to deliver the units in late 2022.
Avanta, which is an affiliate of Hunt Cos., tapped Shreve Land Constructors as the project’s general contractor, but the project team also includes Kimley-Horn, BSB Architects, TBG Land Planners and Smith and Co. Architects.
The community will total 216 single-family homes ranging from one-, two- and three-bedroom cottages to two-, three- and four-bedroom townhomes with floorplans between approximately 750 and 2,000 square feet. Avanta is also planning to build a clubhouse, pool, walking trails with fitness stations, open play areas and playgrounds as amenities for Avendale.
The property will only occupy 21 acres of the 2,300-acre The Colony. When completed, the community is expected to feature many more residential structures alongside a couple of commercial sections.
The Bastrop area that The Colony is located in is seeing a recent growth surge due to the announcement from Tesla that it would be developing a factory in the Austin suburb. The Colony also benefits from being a 30-minute drive to downtown Austin and a 20-minute drive to the Austin-Bergstrom International Airport.
AN EXPANDING TEXAS PORTFOLIO
Alongside The Colony, Avanta is also developing another build-for-rent project in McKinney, Texas, called Homes at Painted Tree. The 276-unit project recently landed construction financing from J.P. Morgan and is the company’s second project under the Avanta brand in Texas. Avanta’s Texas portfolio also includes a 150-unit military housing community in Kingsville and a rental home community in El Paso.
Since Avanta’s launch in June 2020, the company has quickly expanded its footprint and is also currently active in Florida, Georgia, Colorado. Peter Spier, managing director at Avanta, said in prepared remarks that the company will continue to grow and expand in Colorado, Florida, Georgia, Texas and the Carolinas.