IRVING, TX - TDI acquired 18.2 acres of raw land in Austin, Texas. The property, located at 5100 South Congress, is less than 4-miles south of downtown. TDI is planning to break-ground on the $50.8 million 352 unit multifamily community first quarter 2014.
Williamson Creek flows through the center of the property, allowing for 60 percent of the land to remain undisturbed. The development plan reflects 162 residential units on the north side of the creek and 190 residential units on the south side of the creek. Each side will feature a 4-story building wrapping a parking garage with a full scale of amenities including individual pools, fitness facilities, business centers, and elegant relaxation areas.
"This location allows a unique opportunity, to live in an urban setting, at an attractive price point, on South Congress. The community offers terrific access to employment centers, restaurants, retail, the airport and outdoor venues," said TDI Executive Vice President and Investment Partner, Ben Montgomery.
TDI has more than 1,400 units under construction in Texas, New York, California, and Arizona, as well as asset management responsibly on an additional 4,900 units nationwide. TDI is in various stages of planning to develop another 2,300 units over the next 12-months, and is currently raising capital to complement their venture platforms to fund its business plan and expansion.
TDI offers investment management, predevelopment, underwriting, marketing, asset management, construction, financial and administrative services.
TDI, an institutional developer of multifamily properties, currently has over 2,200 units under construction in Arizona, New York and Texas and has asset management responsibilities for 4,972 units nationwide. In addition, TDI has plans to develop an additional 2,000 units over the next 12 months in projects that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan.