Halstatt and Coastal Ridge Open Austin BTR Community

This is the partners' third property and their first in Texas.

Halstatt Real Estate Partners and Coastal Ridge Real Estate have opened Stillwell at Avery Centre, a 225-unit build-to-rent community in Round Rock, Texas, within metro Austin. This marked the third property delivered by the partners in a portfolio that now encompasses 729 units across three states.

BBL acted as general contractor, while Charlan Brock and Associates, together with Pape-Dawson Engineers and Kimley-Horn provided designs for the project.

Coastal Ridge launched its development division in 2021. According to Managing Director Jeremy Gorsky, this division is focused solely on BTR projects, Business Journal reported. Since then, the company teamed up with Halstatt to develop a portfolio of three build-to-rent communities—all of them inside master planned communities.

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Spanning more than 20 acres, the property comprises one- to three-bedroom floorplans that range from 765 to 1,333 square feet. The one-bedroom units come in the form of attached duplex-style structures, while the two- and three-bedroom homes are detached residences.

In-unit amenities include kitchen islands, smart home technology and walk-in closets. Residents also have access to backyards with patios and flexible parking options—such as open, covered and garage parking.

Community amenities include a lounge with coworking space, coffee bar, gym, swimming pool, hammock garden and clubhouse, among others.

The BTR community is at 1400 Avery Nelson Parkway, 4 miles north of U.S. Route 79 and some 5 miles east of Interstate 35, as well as roughly 25 miles north of downtown Austin. Several lakes and parks are found within 4 miles.

Stillwell at Avery Centre is part of a 1,200-acre mixed-use master-planned community that includes a medical school, university campuses by Texas State and ACC, as well as commercial and employment centers.

Halstatt’s previous two projects with Coastal Ridge

Last year, the partnership completed a 274-unit build-to-rent community in North Port, Fla. The property is part of the 11,000-acre master-planned community after which it is named. Halstatt and Coastal Ridge broke ground on Stillwell at Wellen Park in 2022.

In September that year, the joint venture broke ground on the 230-unit Stillwell Jerome in Columbus, Ohio. That community is also part of a master-planned development measuring 1,700 acres. It came online in January this year.

Austin’s ranked fourth for BTR completions last year

Austin clocked in fourth nationwide for 2023 completions in Multi-Housing News’ recent ranking, with 840 units coming online that year. This marked a 10-year high for the market, which still has upward of 2,300 SFR units under construction as of July, according to Yardi Matrix data.

Year-over-year advertised asking rent growth in the SFR sector exceeded multifamily as of May, according to Yardi Matrix research. However, Austin was lackluster on both fronts, with a contraction of more than 5 percent for multifamily and nearly 5 percent for SFR.

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