The Michaels Organization Enters Austin Market
- Mar 13, 2020
Ground has been broken on Zoey, a high-end apartment community on the Colorado River in Austin, Texas. The $59 million development represents the introduction of The Michaels Organization to the Austin market, among the fastest growing in the U.S.
This comes shortly after The Michaels Organization was tapped last month to manage a three-year-old Arlington, Va., student housing community.
The mid-rise Zoey, featuring five and six stories, will offer 307 apartment homes. Zoey residents will select from an array of floorplans extending in size from studios to three-bedroom apartments, with 38 of the studios designated affordable.
Unit features and finishes will include plank flooring, granite countertops and spacious closets. Co-working spaces top the roster of Zoey’s common-area amenities. The apartment community is scheduled for completion in the late summer of 2021.
MSC Architects LLC serves as master architect on the Zoey project, while Michaels Construction handles the role of general contractor. The Michaels Organization will also provide property management services. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia’s JV Equity & Structured Capital Group secured the capital partners.
Zoey’s location at 5700 East Riverside Drive is situated near public transportation and major highways. Also nearby are employment hubs, restaurants and nightlife. Nearby recreational activities include the Ecology Action-Circle Acres Nature Preserve, Riverside Golf Course, Colorado River Park Wildlife Sanctuary, Secret Beach and Edward Hendon Sr. Park at Festival Beach in Town Lake Metropolitan Park.
Long Star legacy
Michaels is new to Austin, but not Texas. For a number of years, the organization has owned and managed affordable living communities in Houston, as well as in Midland, Texas.
Within a matter of months, the company plans to unveil its new mixed-income housing community called Mission Trail at El Camino Real in the Hill Country community of San Marcos, Texas, 31 miles southwest of Austin. That development is intended to serve the expanding workforce of fast-growing San Marcos.