The prosperous Central Texas economies have not been spared by the impacts of the ongoing COVID-19 pandemic. Austin, one of the best-performing economies in the U.S., has experienced a year-over-year decline in the number of apartment deliveries. Austin multifamily demand has been robust in the past decade, thanks to corporate relocations and expansions. The metro’s building boom has gone through an April downturn because only critical infrastructure projects were allowed to continue. A new executive order has been issued, classifying the construction industry as an essential business and allowing both commercial and residential construction projects to remain operational.
According to Yardi Matrix data, 3,857 units came online as of April, and the metro has a robust pipeline with nearly 26,000 units underway and more than 71,000 units in the planning and permitting stages. Here are the top five largest developments delivered in the first quarter.
1. Residences at Saltillo
Owned by Endeavor Real Estate Group in partnership with Columbus Realty Partners and DMA Properties, this massive project broke ground in 2017 with the help of a $100 million construction loan issued by IBC Bank. The two-building community, delivered in early April and managed by Lincoln Property Co., occupies nearly 8 acres at 1211 E. Fifth St. It includes 45,000 square feet of retail space and 41 affordable units.
The unit mix includes studio and one- and two-bedroom floorplans ranging from 324 to 1,379 square feet. Common-area amenities include a resident coworking space with private conference rooms, private courtyards throughout the perimeter as well as attached restaurants, spas, salons and a Whole Foods Market.
2. Aura Riverside
The 368-unit community opened in January. Owned by Trinsic Residential Group in partnership with Campbell-Hogue and Associates, the project broke ground in 2017 with support from a $40 million construction loan issued by the Associated Bank, due in April 2021. The property is spread across nearly 9 acres at 6107 E. Riverside Drive and is managed by Avenue5 Residential.
The community comprises one- to three-bedroom floorplans ranging from 582 to 1,501 square feet. Common areas feature a coffee lounge with Starbucks in the main lobby, bike storage rooms with repair stands, a multi-level parking garage with elevator access to all floors and electric car charging stations, rentable storage units and recycling services.
3. Flatiron Domain
Spread across nearly 5 acres at 10727 Domain Drive, in the IBM Area submarket, this three-building, 364-unit property is owned by Stonelake Capital Partners and Streetlights Residential. The development broke ground in 2017 and was subject to two construction loans totaling $51 million, both issued by Comerica Bank. Greystar Management provides property management services.
The unit mix is varied, ranging from studios and one- to three-bedroom floorplans with sizes between 504 and 2,055 square feet, to guest suites with one- and two-bedroom floorplans of 672 and 1,060 square feet. In addition, the asset comprises 2,400 square feet of retail space and 23 affordable units. The development is pursuing a two-star rating from Austin Energy Green Building and is equipped with bike storage and repair stations, electric vehicle charging stations, keyless entry, recycling services and a Craftwork Coffee Shop with collaborative working spaces.
4. Lenox Ridge
Owned by Oden Hughes and managed by Alliance Residential Co., this eight-building, 350-unit community is located at 3001 Scofield Ridge Parkway and includes 1,600 square feet of retail space. The project broke ground in 2018, with BBVA Compass Bank providing a $32 million construction loan a year earlier.
The unit mix consists of one- to three-bedroom floorplans ranging from 593 to 1,380 square feet. Amenities include recycling services, a business center with conference room and reservable private offices, a community library and storage spaces.
5. The Park at Estancia
Sprawling across 16 acres at 820 Camino Vaquero Parkway in Austin’s Sunset Valley submarket, the GenCap Partners’ community totals 320 apartments managed by Allied Orion Group. In August 2015, Bank OZK funded the development of the project with a $40 million construction loan.
The unit mix includes one- to three-bedroom floorplans ranging from 656 to 1,424 square feet, with Energy Star stainless steel appliances and private yards in select units. Common-area amenities include a clubhouse with a game room, a leash-free dog park, a beer garden and electric vehicle charging stations.
Yardi Matrix covers all multifamily properties of 50+ units in size across 133 markets in the United States. This ranking reflects deliveries of properties within that sample group.