Endeavor Real Estate Expands Austin Footprint
This luxury community is part of a major master-planned project.
Endeavor Real Estate Group is expanding its Austin, Texas, presence with the soon-to-open Solomon, a 369-unit luxury community. The company now owns 18 multifamily properties completed or in different development stages in the metro, totaling more than 6,050 units, Yardi Matrix information shows.
The developer broke ground on Solomon in May 2022, financing its construction with a $60.6 million note originated by Wells Fargo Bank, the same source reports. Greystar is the manager of the Class A community.
The five-story property comprises studio, one- and two-bedroom floorplans ranging between 500 and 1,340 square feet, as well as more than 8,000 square feet of retail space. A total of 37 units were designated as affordable, according to Yardi Matrix.
READ ALSO: Let There Be Light! A Conversation With Mary Cook
Common-area amenities include a rooftop swimming pool, fitness center, clubroom with kitchen, two courtyards with outdoor living and coworking spaces, as well as a conference room and business suites. Additionally, the property features a 1,300-square-foot cabana lounge, a content creation room and podcast studio, EV charging stations, gaming area and a fifth-floor sky lounge with kitchen and entertaining spaces.
Located on nearly 4 acres at 1414 E. 51st St., Solomon is in the Mueller neighborhood, close to a host of dining and retail options, including the Capital Plaza shopping center. Downtown Austin is some 4 miles away, while AMLI Branch Park, a 406-unit community that opened last month, is within walking distance.
Austin’s growing multifamily sector
The Austin metro currently has more than 210 multifamily developments under construction, totaling some 59,800 units, Yardi Matrix information shows.
One of the underway projects is a 307-unit, urban-style development that is expected to come online by mid-2025. The community is the first to rise within the 314-acre Velocity master plan.
Other milestones in the market include Trammell Crow Co.’s topping out of 700 River, a mixed-use tower that will include 377 residential units alongside a hotel and 3,400 square feet of retail space. First move-ins are scheduled for this fall.
