New East Austin apartment community 82% leased — in less than a month

May 20, 2014
Austin Business Journal

Seville on 4th Street, a new apartment community in the heart of East Austin, began welcoming its first tenants May 1 and already is 82 percent leased

“We believe we’ve hit the sweet spot in the market,” said Kurt Goll, principal of JCI Residential, the Austin-based development company. “We’ve seen rents in downtown Austin double in the last three years and we’re much more affordable with the same proximity to live music venues and restaurants.”

JCI Residential purchased the empty block at Navasota and East Fourth streets about five years ago and held on to it, watching to see what the market would do. Goll and partner Sam Kumar considered a small office project but settled on apartments with 27 units that would take advantage of natural light and views of the downtown skyline. Click on the photo for more views of the new project

“Cross Architects out of Dallas does all our multifamily work and they did an outstanding job of designing this on a tight lot,” Goll said. “The units have nice finishes and wood floors.”

JCI Residential is a sister company of JCI Hospitality and JCI Senior Living. All three companies were spun off from Journeyman Construction, which handles all the contracting

The companies are building a variety of projects from two hotels in downtown Austin — Hotel Indigo and Holiday Inn Express — to a senior living facility in Southwest Austin

JCI Residential’s previous major multifamily project was the 300-unit Silverado Crossing apartments in Buda, south of Austin off I-35. Normally JCI Residential prefers to build and hold its properties, but a California investor pursued the Buda project and the price was right

Goll expects to hold onto Seville

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