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City of Austin Multifamily Status Report: 3rd Quarter 1998

Analysis

After taking an apparent breather for a few quarters, Austin's amazing multifamily market is heating up once again as over 2200 units entered the development pipeline, 2204 units received site plan approval, and another staggering 2385 units were issued building permits. Whew.

The growing wave of incoming product will break against an overall multifamily market at its highest occupancy point in years. Occupancy is high because of strong regional population growth--not due to any substantial reduction of incoming product. And rents continue their seemingly inexorable rise.

Industry heavy-weight developer Gables is the first of possibly many to begin a large-scale, downtown residential project. Not since the Railyard have so many units been built in one CBD location. And two other big developers are seriously planning nearby projects of similar magnitude. The true depth of downtown's residential market will certainly be tested over the next few years.

The diversity of site locations and product type of the multifamily stock currently under construction is striking. The new product entering the market today is vastly more diverse than what was being built a few years ago. Condos, four-plexes, garden homes, big and small apartment complexes are going up all over town. This diversity is positive and will benefit the general health of the region's housing stock.

Ryan Robinson

This is a listing of projects built or planned to be built for 3rd quarter 1998.

Map ID Name of Development Address Units Site Acres

1 Riata 12320 Alameda Trace Circle 1866 117.8

2 Riverlodge Apartments (Wiltex 2222) 10701 RM 2222 498 39.5

3 Merrilltown (four-plexes) 14745 Merilltown Drive 492 16.0

4 Monterrey Oaks (Ridgeline III) 4700 Staggerbrush Road 448 23.6

5 Metric/Lamplight Apts. (Resub. of Jeff. at Lamplight) 12345 Lamplight Village Ave 366 16.9

6 Walnut Creek Multifamily 8000 Exchange Drive 338 19.9

7 Sonterra I (Canyon Creek) 10001 FM 620 272 20.1

8 Limestone Canyon (Creekside Apartments, North) 12118 Walnut Park Crossing 256 27.0

9 Sycamore Springs, Phase II 9801 Parmer Lane 232 12.8

10 Volente Villas HWY 620 at FM 2769 208 11.5

11 Gardens at Decker Lake 7000 Decker Lane 200 24.2

12 Brown Building 710 Colorado Street 90 0.3

13 Laurels at Legend Oaks (Shadowridge) 7500 Shadow Ridge Run 90 10.1

14 Village of Westcreek 4800 W William Cannon Blvd 60 6.8

15 Groves of Los Indios Development 12401 Los Indios Trl 60 5.0

16 Switch Willo Condominiums 4400 Switch Willo Drive 59 3.3

17 Marbella Villas (Del Ray Townhomes) 2100 Pipers Field Drive 56 5.4

18 Brazos Lofts 201 West 5th Street 49 0.1

19 Rollins Martin 1172 Webberville Road 15 1.0

20 The Gardens of West Seventh 1115 West Seventh 13 0.6

Return to the Long Range Planning


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