| Wave of apartment development on the way |
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Austin's sizzling apartment market is prompting developers to race to the starting gate with new projects. The development plans come as apartment rents have hit record highs and the occupancy rate has jumped to 96 percent. By Shonda NovakAMERICAN-STATESMAN STAFF Updated: 10:08 a.m. Wednesday, Aug. 17, 2011 "Exceptional market conditions are paving the way for a new wave of development," said Robin Davis, manager of Austin Investor Interests, which tracks rents and occupancy rates. But many of the new units won't come online for 18 to 24 months, so the market will remain relatively tight until supply catches up to demand. HPI Residential- Davis Springs Parmer Lane and Spectrum Drive Units: 334 Average rents: About $800 to $1,300 or $1,400 Start date: Before year's end
HPI Residential-Lakeline Lakeline Boulevard area Units: 325 Start date: January
Camden Amber Oaks (second phase) 9001 Amberglen Blvd. Units: 244 Units ready for tenants in March 2012
Colonial Grand at Double Creek 11001 S. First St. Units: 296 Rents: $839 to $1,353 First units ready in March 2012 |
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