Heartwood Real Estate Enters Austin Market
The firm plans to develop more than 1,000 units in the city.
Heartwood Real Estate Group has broken ground on the 16-unit The Reyna townhome project in the Dawson neighborhood of Austin, Texas. The company intends to develop more than 1,000 units of housing in the city, with projects ranging from single-family residences, townhomes, workforce and affordable apartment buildings.
The 16-unit The Reyna, located at 221 Lessin Lane, will comprise two- and three-bedroom townhomes, each featuring a unique design created by Davey McEathron Architecture. The units will include individually designed floor plans and hand-picked finishes. Resident amenities at the property will include a community dog park, a barbecue area and a walking trail.
“The Reyna is a project that began in 2020 when we saw an opportunity to create much-needed housing density by rezoning an oversized parcel of land previously zoned for single-family use. We worked with our neighbors and the city of Austin to design a community with 16 unique, high-quality residences without fundamentally altering the character of the neighborhood,” Chris Affinito, president & founder of Heartwood, told Multi-Housing News.
Heartwood has partnered with Daniel O’Dea, president of Delphi Affordable Housing Group, on The Reyna, along with Leonard Bullard, president with Urban ATX Development. O’Dea has also served as advisor and lead investor on the project through his family office, DAHG Capital Partners.
Heartwood is serving as general contractor for the project and expects to complete construction on the townhomes in mid-2023.
The Reyna is near many of the bars, restaurants, shops and cafes along Austin’s South Congress corridor. Residents have access to U.S. 290 and I-70, ensuring residents remain minutes away from downtown Austin.
Future Development Plans
Heartwood has several other projects totaling more than 1,000 residential units planned for the Austin area, with more than 300 of the units designed to be affordable housing. The company has begun construction on two luxury single-family homes and will start a third in the next few months. It is also in the pre-development stage on another townhome community, a 28-lot residential subdivision, two affordable apartment buildings, and two mixed-income, mixed-use communities.
One of the mixed-use properties is being developed on Springdale Road in East Austin. The 344-unit mixed-use project is part of Austin’s Affordability Unlocked program, with half of its units reserved for families earning 60 percent or less of the area’s median family income.
“Since we began the design of the Reyna, we have been able to identify and acquire several other underutilized sites in Austin. Heartwood was formed to address Austin’s affordability crisis by developing a wide variety of housing types across multiple income brackets,” added Affinito.
Most of the projects Heartwood has in pre-development will break ground in early 2023.