Aspen Heights Partners Begins Construction on Austin Community

The development is located within the East Riverside Corridor and will include 323 units and two interior courtyards.
Rendering of Austin development. Image courtesy of Aspen Heights Partners

The booming East Riverside Corridor of Austin, Texas, serves as backdrop for the launch of construction on a new mid-rise apartment community from Aspen Heights Partners.

The 323-unit, four-story development featuring two interior courtyards will offer a blend of one- and two-bedroom market-rate residences. Also included will be a four-story parking garage and a rooftop amenity deck featuring a swimming pool and fitness center.

This is an incredible opportunity to be a part of the rapidly-expanding East Riverside Corridor,” Todd Gaines, Aspen Heights Partners division president, told Multi-Housing News. “The growth in this part of Austin, particularly with the Oracle campus serving as a catalyst, has been phenomenal. We look forward to being part of that community.

Dramatic change

An influx of new businesses, restaurants, residential and mixed-use development has descended on the East Riverside Corridor in recent years.

That follows the corridor’s transformation from a car-centric area pocked with large surface parking lots into a pedestrian- and transit-friendly district. Anchored by East Riverside Drive, the corridor now features active urban centers and public spaces connected by a light rail transit system. That transit line links the corridor with Austin-Bergstrom International Airport, Lady Bird Lake and downtown Austin, among other attractions. The corridor also offers bus transit, a bicycle lane and abundant opportunities to walk.

East Riverside Corridor places renters near an array of Austin’s well-known attractions, as well as major employers. The Aspen Heights development is less than 5 miles from the University of Texas at Austin, and just 1 mile from the corporate campus of Oracle.

Last year, Aspen Heights Partners completed a 363-unit luxury condominium complex in Austin called The Independent. That community is Austin’s tallest residential tower. Other Austin-area properties developed by the company include a garden-style multifamily property called Concord in South Austin, a 22-story downtown Austin tower and a 17-story student housing development near the campus of the University of Texas at Austin.

Austin was a focus of a recent look at student housing investment hurdles.