Booming Austin Market Awesome for Altman

By Dees Stribling, Contributing Editor

Austin, Texas—The Altman Cos. has broken ground on its first development in Austin, the 354-unit Altis Lakeline in the northwest part of the city. The project, which is at 12700 Ridgeline Blvd., consists of 19 two- and three-story residential buildings.

“Multifamily construction has shown continued strength in the Austin market,” said Joel Altman, chairman of the Altman Cos. Indeed, according to MFP Research, metro Austin apartment occupancies came in at 95.5 percent in the second quarter of this year, up from 95 percent during the first quarter.

The property will be across the street from Lakeline Mall in Cedar Park, which is a major northwest suburb of Austin. The city has seen rapid growth in recent years. The Census Bureau puts its population at more than 63,500 as of 2014. In 2010, the population was about 49,000. “The Austin market continues to be a highly desirable market with top employers and growth,” Altman Cos. COO and CIO Elizabeth Truong told MHN. “We believe that Austin will remain a hot market in the long run and is a key candidate for Altman’s upscale luxury apartments.”

The development’s floorplans include one-, two- and three-bedroom units. Its clubhouse is equipped with a Starbucks coffee bar and Internet café, conference room, 24/7 club-class fitness center, and yoga and aerobics studio with on-demand virtual fitness programs. Other elements of the clubhouse are a movie theater with lounge-style seating, surround sound and 85-inch high-definition screen.

The property will also include an outdoor lounge with a demonstration kitchen, fireplace, TVs and entertainment deck. There’s going to be a heated saltwater pool and spa, a community garden with individual plots,= and a dog park. Other amenities include valet door-to-door trash service, package delivery and virtual concierge services.