Austin Apartment Supply
by Mark Daniel, Vice President of Partner Relations at RealMassive, A.B. Economics Stanford University
It’s no secret Austin has become a hotbed for Apartment construction. 2015 saw delivery of, among others, 17 large (all but one over 220 units) and luxury style apartments totaling 5,028 units. Job growth and in-migration seem to continue to support these deliveries as evidenced by high occupancy and strong rent growth. Below is a map showing the location of these deliveries color-coded by month delivered.
The maps below show more detail for each property and month. For access to an interactive version click here.
January saw delivery of 740 class A units, shown above. Among them the impressive “Bell Four Points.”
Address: 11210 FM 2222, Austin, TX 78730
Rental types: 12 carriage, 170 one-bed apartments, 128 two-bed apartments, 34 three-bed apartments
Property size: 323,612 sq.ft., 17 two- and three-story buildings (first floor includes parking)
Short description: 420 parking spaces. Game room with billiards and shuffleboard. Business center with computers, printers and conference room. Resort-style pool with expansive deck and in-water tanning ledges. Alfresco Grilling Area. State-of-the-art cardio and strength training equipment. Granite kitchen countertops. Decorator designed interiors with two-toned paint. Plush carpeting in bedrooms and closets. Photo credits: Escape at Four Points Facebook Page, Yardi Matrix
“Austin continues to be a hotbed of corporate re-locations due to a favorable business climate, an educated workforce, and the opportunity for an especially healthy standard of living where residents can enjoy their favorite outdoor activities 365 days a year. People are flocking to Austin from all around the country to become ‘Austinites’ and take advantage of the city’s coveted lifestyle. Bell Four Points’ prime location is extremely appealing because its residents are right at the epicenter of everything that Austin has to offer. Within minutes of lakes, parks, and rivers, you are also a short commute to downtown, the technology centers, and world-class retail outlets. When you combine the community’s location with its superior interior finishes you really can’t ask for a better living environment.”
– Jami Moore, Bell Partners
The next batch of deliveries came in April with three properties and 779 more units, shown below.
In May we saw 586 units between two properties. Including the high-end, luxury downtown property The Bowie.
Address: 311 Bowie Street, Austin, TX 78703
Rental types: 1 guest suite, 31 studios, 167 one-bed apartments, 124 two-bed apartments, 35 one-, two-, and three-bed penthouses
Property size: 361,531 sq.ft., 21- and 27-story tower (over 9 floors of retail, office, and parking)
Short description: Green building – LEED – Proposed. 463 parking spaces. Built-in desks, cabinetry, and linen cabinets. Floor-to-ceiling windows. Full-size, front-load washers and dryers. Marble, quartz, and granite countertops. Private terraces in most residences. 31st floor outdoor deck with fire pit and grilling area. Rooftop heated swimming pool with intimate cabanas. Views of Downtown Austin.
Photo credits: The Bowie Website
We spoke to the developer of this top notch downtown property for their take on the Austin market as well.
“Austin has the strongest macro tailwinds of any market we track. The growth and dynamics are undeniable. Corporate relocation and job growth is amazing. We are seeing lots of highly educated people move to Austin without a job due to the lifestyle and culture that is offered in Austin (ACL, outdoor lifestyle, weather, music, X Games, Formula 1, SXSW). On top of that, we believe The Bowie is the nicest asset in Austin in the best urban location in the city.”
– Michael J. Lynd, Jr., LYND
June added 596 more units between two properties shown below.
In July the market was hit by four deliveries totaling 1,249 units show by the two separate maps below.
Mixed use developments are relatively new on the Austin scene, and one of the participants in this cycle is AMLI at Mueller, shown in the first of the two maps above. This property includes a first floor retail level which includes the highly rated Bribery Bakery, a retro-chic café for pastries where they “bake cinnamon rolls the size of your face.” Below is a view of the market from the retailer perspective.
“Austin is a rapidly growing city with limited space for growth. The mixed use building projects are a great way to create a sense of community between local businesses and residents. I think AMLI does this fabulously by supporting and bringing in unique concepts for their residents. AMLI Mueller stands out in Austin because of the gorgeous park setting and its modern pristine design. It’s urban living at its best and I’m thrilled to be a part of it!”
– Jodi Elliott, Owner at Bribery Bakery
Address: 1900 Simond Ave., Austin, TX 78723
Rental types: 55 studios, 158 one-bed apartments, and 66 two-bed apartments
Property size: 228,797 sq.ft., 4- to 5-story mid-rise with 6,479 sq.ft. of ground floor retail
Short description: Green building – LEED Platinum and AEGB One Star Related. 501 parking spaces.Community amenities include: resort-style pool with sun deck, private courtyard with cabana, grills and semi-private outdoor living rooms, clubroom with gourmet kitchen, expansive fitness zone, cyber zone and conference room, pet-friendly community with paw wash, covered bicycle storage, controlled access and private resident parking in gated garage, located in Mueller Live/Work/Play/Shop master planned community, 24/7 controlled access Luxer One package room. Interior finishes include: 9, 10, 11 or 12-foot ceilings, granite countertops with undermount sinks, GE stainless steel appliances, 42” espresso cabinets with brushed chrome hardware, MasterWood plank flooring in living/dining areas, kitchens and entries, full-size washers and dryers or connections, oversized bath tubs with luxury tile surrounds, ceiling fans in living rooms and bedrooms, 5-panel interior doors, private walk-up street level entrances, spacious patios and balconies, private fenced yards, views of 30-acre Lake Park, downtown Austin and the University of Texas.
Finally, we rounded out the year with 762 units delivered in October and 316 in November in far north Austin (The Domain) and in the Cedar Park area.
Below is an animated version of this time series in both discreet and cumulative form. For access to an interactive version of these maps click here.
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Maps provided courtesy of Project Atlas. Project Atlas comes pre-loaded with historical construction activity and current appraised values for commercial property types in your markets.