DMA Development Co. Announces New Mixed-Income Asset in Austin
- Aug 21, 2019
DMA Development Co., the developer behind Aldrich 51, will break ground on a new mixed-income apartment community on the southeast corner of East Fifth and Navasota streets in Austin, Texas. Construction is set to begin in early 2020 and completion is slated for early 2021.
Dubbed Talavera Lofts, the five-story property will encompass 92 units, 90 of which will lease for rental rates affordable to households with incomes ranging below 30 to 60 percent of the area median income. The community will be built with both public and private financing, and in late July, the company received $1.4 million in tax credits from the Texas Department of Housing and Community Affairs.
Per Yardi Matrix data, Talavera Lofts will occupy 9 acres at 1400 E. Fifth St., immediately west of the Plaza Saltillo commuter rail station. The community’s unit mix will consist of studios and one- to three-bedroom floorplans ranging from 550 to 1,328 square feet. Amenities will include a fitness center, laundry facilities and 64 parking spaces.
Talavera Lofts honors the Mexican and Spanish pottery tradition and was named after the city of Talavera de la Reina in Spain. Nelsen Partners designed the property and will include Talavera tiles in the community’s entryway.