Novak Brothers Development has broken ground on Rise510, a 301-unit luxury garden-style component of its master-planned Wolf Lakes Village development. The community will be located in Georgetown, Texas, with construction expected to be completed in the summer of 2024.
Rise510 will be built on 12 acres of the 164-acre European-inspired village, and will host a mix of apartment homes and townhouses, according to the developer’s website. The development’s amenities include a fitness center, swimming pool, community park and private, resident-only parking spaces. The greater Wolf Lakes Village hosts landscaped park space, private lakes, an outdoor amphitheater, hiking trails and an ice-skating rink. The community’s master plan also involves the construction of additional retail and dining spaces. The community will be flanked by Georgetown’s several public parks and nature preserves, and will be situated close to Interstate 35 and State Highway 310, within 25 miles of downtown Austin.
Austin’s unending acceleration
The capital of Texas has remained a hotspot of in-migration for both people and corporations, with the city’s population increasing by 534,301 residents in 2021, according to a July 2022 report from Yardi Matrix. In turn, the city’s fundamentals have increased across the board. Despite a lower transaction volume of $698 million in the first five months of the year, the price-per-unit increased by 24.2 percent to $216,657 over the same period, data from the report shows.
Other recent high-profile multifamily luxury projects in the Austin area include Waterline, a 74-story luxury high rise trophy building being developed by Lincoln Property Co. and Kairoi Residential, as well as Stratus Properties’ recent funding for the construction of The Saint George, a 316-unit luxury project.