352-unit apartment complex planned for South Austin

Dec 13, 2013
Austin American Statesman

Construction is due to start early next year on a $50.8 million luxury apartment complex that would add 352 units to Central Texas’ booming multifamily market


TDI Real Estate, based in Irving, plans to build the project on 18.2 acres at 5100 South Congress Ave., about 4 miles south of downtown. The project will be called 5100 South Congress, and the first units are expected to open in late summer 2015, TDI said


Williamson Creek runs through the center of the property, allowing for 60 percent of the land to remain undisturbed, TDI executives said. The complex would have 162 residential units on the north side of the creek and 190 residential units on the south side


Plans called for each side to have a four-story building wrapping around a parking garage, with amenities to include dual pools, fitness facilities, business centers and lounge areas


The community will be accessible to employment centers, restaurants, retail, outdoor venues and the airport, said Ben Montgomery, TDI’s executive vice president and investment partner. A projected rent range was not disclosed, but TDI said rents will be in line with those for upscale rental units in the local market


At the end of the third quarter, 18,600 apartment units were under construction in the Austin region, according to Austin Investor Interests. The pace at which units are being added has made the area’s inventory growth the second-most aggressive in the country, behind only Raleigh-Durham, N.C., Greg Willett, vice president of research and analysis at MPF Research, told the American-Statesman recently


Apartment construction stalled during the recession. Now, developers are trying to catch up demand as the region continues to grow jobs and population. Robin Davis, manager of Austin Investor Interests, said the metro’s high apartment occupancy rate approaching 96 percent mirrors levels prior to the bust in 2000, and “has been the source of rising rental rates and rampant development.”


Davis’ third-quarter survey found rents averaged $1,007 a month for a unit with 852 square feet


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