Aspen Heights Partners Begins Construction on Austin Community

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.