Last Year’s Largest Rental Projects Completed in Austin

The Austin multifamily market added more than 5,000 new rental units in 2015.

   By Balazs Szekely, Contributing Editor

Austin, Texas—As an attractive destination for those planning to start businesses, entertain, build and invest, Austin is considered one of the top secondary markets in the U.S. The metro has developed into a technology hub, luring both large corporations and startup firms seeded by private equity capital.

The tremendous growth in population and employment has made the city a favorite spot for developers. As many as 17 rental developments of 50 or more units came online in 2015, totaling 5,028 new apartments in Austin, according to Yardi Matrix. Low-rise designs were an especially popular choice last year—most new developments comprised residential buildings of under five stories.

Largest developments 2015 Austin    1. Addison at Kramer Station – 388 units

Last year’s largest development was Simpson Property Group’s 388-unit project located at 2601 Esperanza Crossing. Austin’s North Burnet neighborhood is home to the J.J. Pickle Research Campus and the Northridge Campus of Austin Community College, as well as numerous office and retail facilities. The focus is clearly on one-bedroom homes, but families can opt for up to three-bedroom floorplans. (Photo credit: RENTCaféYardi Matrix)

    2. The Mansions at Lakeline – 374 rental units

The attention remains focused on small apartments. More precisely, 214 units are one-bedroom homes, although this still leaves room for 96 two-bed and 32 three-bedroom apartments. This W3 project at 10500 Lakeline Mall Drive features controlled access, resort-style swimming pool and deck, clubroom, playground, an executive business center and 689 parking spaces. (Photo credit: The Mansions at Lakeline Facebook Page)

    3. The Bowie – 358 units

This sleek high-rise at 311 Bowie St. is the result of the common efforts of Lynd and Endeavor Real Estate Group, and comprises 167 one-bed and 124 two-bed apartments along with 31 studios, 35 penthouses and one guest suite. The building is proposed for LEED certification and the apartments come with high quality finishes such as marble, quartz and granite countertops. Unit interiors also feature built-in desks, cabinetry and linen cabinets, floor-to-ceiling windows and full-size, front-load washers and dryers. (Photo credit: The Bowie Website)

     4. Escape at Four Points – 344 units

Embrey’s new low-rise community introduced carriage designs alongside the conventional one-, two-and three-bedroom apartments. A total of 17 two- and three-story buildings make up the 323,612-square-foot community, with parking spaces available on the ground floor. Granite kitchen countertops and plush carpeting are standard, and common-space amenities include a game room, business center, grilling area and a resort-style pool with in-water tanning ledges. (Photo credit: Escape at Four Points Facebook PageYardi Matrix)

     5. Bexley at Whitestone – 340 units

Still well above 300 units, the last item on our list is Weinstein Properties’ latest project on N. Lake Creek Parkway. One-bedroom units make up exactly half of the unit count, while larger families are left with fewer options—just 18 three-bedroom homes—in favor of the 152 two-bedroom apartments. (Photo credit: Bexley at Whitestone Website)

For more of 2015’s largest apartment projects in Austin, check out the complete list on the RENTCafé Blog.