Source: McCann Realty Partners / #Apartments #Multifamily
AUSTIN, TX - McCann Realty Partners announced it has started construction on the 156 unit 2401 Grove Apartments in southeast Austin, Texas. The 18 acre property is located at the corner of Grove Boulevard and Montopolis Drive just south of East Riverside Drive.
The luxury, Class A apartment project will include 3-story stone and stucco exteriors with views of the downtown Austin skyline. Amenities will include a fitness center, resort-style swimming pool, and an activity center with video games and media, a cyber café and a gourmet kitchen. The project is scheduled to begin leasing in the first quarter of 2016 and will be managed by Pegasus Residential, LLC. McCann will act as its own general contractor on the project.
"2401 Grove will be McCann's first development project in Austin, although we currently own another asset in the market," said McCann's President, Matthew T. Akin. "We were drawn to this location because of its proximity to downtown Austin and the Austin-Bergstrom International Airport. As a lower density garden property in an urban location, 2401 Grove is unique in an area where competing new developments are generally mixed use and high density construction. We see Austin as a lifestyle market that is driven by strong population and employment growth."
The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. MRP is also currently developing apartment communities in Austin and Houston.
Since inception, McCann has acquired 25 apartment communities totaling more than 6,500 homes in transactions valued at approximately $615 million. McCann has also completed or has under development 9 communities totaling 2,688 homes with an estimated completed value of $335 million.