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πŸ’Έ $41.6M Manor Marvel: Housing Boom’s Newest Gem Lands! πŸš€

Austin Archuleta

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February 8, 2024

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Here’s what you need to know about Austin Real Estate today:

    • Austin’s affordable housing breaks ground, adding 204 units to combat crisis πŸ—οΈ
    • North Austin’s new complex turns the page for those exiting homelessness 🏠
    • Greystone and Texas Capital inject $5M into Central Texas housing boom πŸ’°
    • KeyBank’s $41.6M loan kickstarts 325-unit Cantarra Apartments in Manor πŸš€

Housing Challenges and Solutions

Ground breaks on Austin affordable housing complex

Source: Newstalk TexasΒ 

Summary: The NHP Foundation, Capital A Housing, and the Austin Housing Finance Corp. have begun construction on Seabrook Square, a 204-unit affordable housing project. The units are intended for households earning 60 percent or less of the Area Median Income (AMI). The property also features 3,000 square feet of commercial space. Financing for the project includes a $40 million tax-exempt bond, $32.3 million in Low-Income Housing Tax Credit, $13.5 million in subordinate debt financing, and a $3.4 million construction loan. Completion of the project is expected by end of 2025.

Why this matters: The commencement of the Seabrook Square project signifies a growing trend of integrating affordable housing with commercial space. This information can help real estate professionals identify potential investment opportunities and advise their clients accordingly.

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Grand opening for North Austin apartment complex to help people exiting homelessness

Source: KVUE News

Summary: A new apartment complex recently had its grand opening in North Austin, aimed specifically at providing homes for those transitioning out of homelessness. The resident testimonials highlight the positive impact the complex is having on the community, with many finding a place to stay and get off the streets.

Why this matters: As real estate professionals, understanding the local housing initiatives can help shape conversations with clients about the community’s commitment to tackling homelessness, potentially increasing the appeal of the neighbourhoods for socially conscious buyers.

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The NRP Group Celebrates Grand Opening of Upscale Mixed-Income Multifamily Community Station42 in Killeen Texas Near Austin

Source: Yield Pro

Summary: The NRP Group, in partnership with The City of Killeen Public Facility Corporation (PFC), J.P. Morgan, and Texas Capital Bank, have opened a new 368-unit mixed-income multifamily project, Station42, in Killeen, Texas. Designed to cater to a diverse income range, Station42 aims to address the affordable housing issue in the region due to rapid population growth. The property, which features robust amenities and high-quality housing, is strategically located between Austin and Waco, offering opportunities for military families, young professionals, and working families.

Why this matters: The opening of Station42 demonstrates a significant commitment to providing affordable, high-quality housing in Central Texas. Its strategic location and diverse income-focused model provide a valuable investment opportunity, offering insight into potential growth areas for real estate professionals in the residential sector.

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Urban Planning and Policy Initiatives

    New regulations around Austin transit routes fast-tracked in support of Project Connect plans

    Source: Community Impact Newspaper

    Summary: Austin city officials and planners are fast-tracking new policies aimed at encouraging denser development near transit routes, in support of the multibillion-dollar Project Connect light rail plan. The city council has approved a series of policy changes aimed at improving transit access and walkability around new developments, promoting affordable housing, and allowing more housing construction in Austin. These policy updates fall under the city’s Equitable Transit-Oriented Development (ETOD) policy planning, which focuses on affordability, accessibility, and equity in communities around rail and bus stations. The plans include creating an “”ETOD overlay”” that will allow denser buildings near station areas, with incentives for affordable spaces in new constructions. Among the proposals are updates to the East Riverside Corridor Regulating Plan, revisions to downtown parking regulations to limit parking in new high-rise development, and the creation of a new affordable housing bonus program.

    Why this matters: With new regulations supporting denser development near transit routes, real estate professionals operating in Austin and its satellite areas can leverage this shift in policy to identify new investment opportunities, especially in areas near transit stations, while also contributing to the city’s goals of increased affordability and accessibility.

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