Consistent with its strategic focus on multi-family projects in growth corridors throughout the US, EastAlliance was approached by an experienced regional operator and developer to co-invest in the development of this highly visible asset located in a key “path of growth” market in the Austin MSA. In recent years, the Austin market has proven to be one of the most sought-after markets experiencing substantial economic and population growth, fueling strong demand for multifamily and residential assets across the entire region.
Given its location near a key arterial intersection and across the street from a newly developed grocery-anchored retail center; its excellent access and visibility relative to its competitive set; its cost per unit relative to increasing construction costs across the entire market; institutional demand for real estate investment in the Austin MSA; and the Sponsor’s strong experience in the market and sector, EastAlliance opted to pursue an equity position in this partnership through one of its single-investment managed fund structures.
When completed in 2023, this Class A garden style multifamily development project of 270 units spanning over 18 acres (including a 6.5 acre parcel for possible Phase 2 development of 168 more units) will include an impressive array of shared amenities including a community center of approximately 8,700SF that will include a resort-style swimming pool, indoor/outdoor patio, game room, fitness center, co-working space, conference rooms, dog park, management office, mailroom, and a leasing center. The residences will likely be spread out over nine (9) buildings and paired with approximately four hundred sixty-six (466) surface parking spots.