Amstar Announces Joint Venture for Class A Multifamily Development in Austin, TX
Austin, TX (March 6, 2020) – On March 6, 2020, Amstar and its development partner, Austin-based Aspen Heights, announced the formation of a joint venture for the development of a 323-unit Class A multifamily project in Austin, TX.
Located in the rapidly growing infill submarket of East Riverside at 1700 Willow Creek Drive, the well-located site is within a five-minute drive from Downtown, eight-minute drive from Austin Bergstrom International airport, and only a 10-minute walk from Oracle’s 980,000 square foot Cloud campus.
Amstar has been actively pursuing investment opportunities in Austin due to the city’s strong and diverse job growth and highly attractive real estate prospects. The Austin-Round Rock MSA experienced nearly 23% population growth between 2010 and 2019 (2.3% per year versus a US average of 0.7%) and projected to grow 28% over the next 10 years. The project’s in-fill, “job-centric” location in East Riverside makes it an attractive opportunity to benefit from Austin’s rapid population and job growth.
The Class-A project will offer a mix of studio, one-, two-, and three-bedroom apartments from 424 to 1,246 square feet in a four-story building wrapped around a pre-cast parking garage. Apartments will feature high-end finishes including stainless steel appliances, under-mount sinks, smart home technology, and quartz countertops. Community features include a rooftop deck with a pool and outdoor grilling area, a rooftop fitness center and clubhouse, and a large dog park. Notably, the project will be the first in East Riverside with a rooftop pool and amenities suite.
This is the first joint venture partnership between Amstar and Aspen Heights. Aspen Heights Construction will serve as general contractor. Good, Fulton & Farrell have been engaged for architectural and project design. Construction financing has been secured with PNC.