ZOM Living, CP Capital Complete Austin Luxury Community
The residential property is part of a 1,200-acre master-planned development.
ZOM Living, in a joint venture with CP Capital, has completed Azola Avery Centre, an upscale 359-unit residential community in Round Rock, Texas. The property is part of the 1,200-acre Avery Centre master-planned development.
The joint venture partners announced the Azola Avery Centre project in 2022 and broke ground in January 2023, financing the construction with a $57.7 million loan from Truist Bank, according to Yardi Matrix. JHPÂ served as architect and Rampart as general contractor.
Located at 3801 N. A.W. Grimes Blvd., Azola Avery Centre comprises 14 three-story buildings spread across a 14-acre site. Apartments have studio, one-, two-and three-bedroom layouts ranging from 573 to 1,564 square feet. The asset is currently 65 percent occupied.
Shared amenities include a resort-style pool, outdoor pavilion with barbecue grills, dog bark and pet salon, as well as a fitness center, coworking office and conference room. Additionally, the property features private garages and EV charging stations.
The community is some 25 miles north of Austin, Texas, close to the area’s major tech employers such as Dell, Apple, Samsung and Hewlett Packard. Rock Creek Plaza and Interstate 35 are 4 miles away.
As of May, multifamily completions in the metro accounted for 9.1 percent of the total stock, according to a Yardi Matrix report. More than 37,500 apartments were under construction in June across communities of more than 50 units, the same data provider shows.
