The Carvajal Group Blog

More multifamily on the way for Central Austin

March 21st, 2011

Multifamily in Austin is topping 95% occupancy  in downtown as young people continue to move here more than any other city.   There is a race to get more multifamily on the ground particularly in downtown and other hip neighborhoods in central Austin.

Post South Lamar: planned 298 unit apartment complex with over 8500 sq. ft. of retail.  Slated to open in the 3rd quarter of 2012.  Located 1 mile South of downtown and Zilker Park. Atlanta based post properties already manages 3 other apartment complexes in Austin (ABJ article)

Riverside Development:  Originally planned as high end condos by Constellation Property group the project stalled int mid-2009 due to lack of sales.  The new owner, CDK-Riverside LLC, has filed a plan with the city to complete the project as apartments, few details have been released but the complex should have close to 300 units.  The nearby AMLI South Shore has been successful in getting much higher rents than the other multifamily properties on E. Riverside Dr. (article)

Rumored development Downtown:  there are rumors flying about tracts being put under contract for multifamily projects.  Specific locations are not public knowledge but there have been rumors of projects in the planning phases  in the Rainey Street neighborhood as well as in other locations downtown.

The recent boom of multifamily development should alleviate the rising rents in Austin.  However, this will likely only be temporary as our economy continues to recover and as our population grows Young people typically want to live in or near Downtown for the live music and social scenes.  If the trend of young people flocking Austin continues, any surplus of apartment inventory will be absorbed relatively quickly and rents will again to continue to rise.

For more information on the Austin real estate market or for assistance with your Austin Home Search, contact our team today at (512) 419-7770

 

Tags: Austin Investment Property · Austin Real Estate · Austin Real Estate Market · Uncategorized