Top Multifamily Completions in Austin
- May 30, 2019
Apartment demand in Austin points to another strong year for the multifamily market. A strong indicator is rent growth, up 3.7 percent year-over-year through April to $1,358. Robust demographics coupled with above-trend employment growth, have put more pressure on developers. That has led to the market’s occupancy rate in stabilized properties rise 50-basis points to 94.4 percent as of March.
More than 7,800 units were delivered in the 12 months ending in May, with the bulk directed to Lifestyle renters, to accommodate the growing pool of residents moving to Texas’ capital city. The list below showcases the largest multifamily projects delivered in the metro during that time frame, based on data provided by Yardi Matrix.
5. Bexley Round Rock
Located in the City of Round Rock, Texas, north of Austin, the 330-unit community occupies 14 acres at 1401 Satellite View as part of Avery Centre, a 1,200-acre mixed-use community built on land owned by one of the city’s historic founding families. The 15-building property was completed in February this year and consists of one- to three-bedroom units ranging from 664 to 1,439 square feet that rent for an average of $1,269 per month. In April 2019, Bexley Round Rock was 88.8 percent occupied, with preleasing having started in October 2017. A month later, Weinstein Properties acquired the asset for $56 million or $169,697 per unit, in a deal that was subjected to a $42 million loan held by New York Life Insurance Co.
Besides the standard amenities, such as fitness and business centers, swimming pool with fire pit, pavilion and picnic areas with grills, the community also features a dog wash station and a dog park with agility course, as well as community bike share and bike storage, electric car charging stations and recycling service.
4. Hillstone at Wolf Ranch
The 332-unit Lean Capital Group asset is spread across 14 acres further up north, at 2300 Wolf Ranch Parkway in Georgetown, Texas. The property broke ground in April 2016 with a $25 million construction loan held by Comerica Bank. The unit mix comprises one-, two- and three-bedroom apartments averaging 926 square feet, and rents for an average of $1,333 per month. Hillstone at Wolf Ranch started preleasing in September 2017 and in April 2019 the occupancy rate was at 76.2 percent. Greystar Management handles operations at the property.
The eight-building community features two swimming pools, a dog park, a fitness center with green series equipment and a Starbucks coffee bar. Round Rock Premium Outlets, Wolf Ranch Town Center and IKEA Round Rock Home Furnishings are in the vicinity, as well as the Georgetown Art Center, The Williamson Museum, Grape Creek Winery, Fountainwood Observatory and several parks.
3. Latitude at Presidio
The three-building, 337-unit property is situated on more than 10 acres at 3440 Ranch Trails in Cedar Park, Texas. The asset was completed in June 2018 and acquired by out-of-state investor Carter-Haston Real Estate Services two months later, having American Equity Investment Life Insurance Co. as the originator of a $40 million loan. The original owner, Riverside Resources received nearly $54 million or $159,050 per unit.
The unit mix includes one- to three-bedroom floorplans that range between 604 and 1,531 square feet, while monthly rents start at $1,131 and go up to $2,269. Occupancy clocked in at 74.8 percent as of April. Notable amenities include a dual-level fitness center, onsite dog park with watering stations and electric car charging stations. All units have private balconies/patios, as well as washer and dryer units.
2. Crestview Commons
The 353-unit, LEED-seeking asset is owned by Trammell Crow Co. in partnership with Principal Global Investors. The four-story building broke ground in January 2017, shortly after a $36 million construction loan was originated by Comerica Bank. Lincoln Property Co. handles operations at the community. Located on nearly 5 acres at 801 Sugaree Ave. in downtown Austin, it was completed in November 2018. It has started preleasing in February 2018 and in April 2019 occupancy reached 83 percent.
Units at Crestview Commons ranging between 642 and 1,405 square feet, while monthly rents average $1,619. Notable amenities include a top-floor indoor and outdoor clubroom with views of downtown, three courtyards and direct access to a 7,000-square-foot partially shaded dog park. The community has easy access to the greater Austin area through the adjacent Crestview MetroRail station, as well as North Lamar Boulevard, Interstate 35, U.S. Route-290 and MoPac.
The largest delivery of the past year in Austin, Fine Line Diversified Development’s 372-unit property, also shares ownership with an additional owner—Hudgins Cos. The 16-building property spreads across 39 acres at 8300 Bluff Springs Road, south of East Ben White Boulevard. The community was completed in December 2018 and in April it was almost 70 percent occupied.
Comprising one- to three-bedroom units with private balconies/patios, it features Kwikset smart locks on front doors, Dwelo in-unit technology package and smart thermostats, mail station with 24-hour parcel locker access and a fenced dog park with dog wash station. The community is surrounded by the 555-acre Onion Creek Metro Park, which is honeycombed with biking trails, ponds, woodland and meadows, as well as sports fields and nature centers.