AUSTIN, TX - The San Antonio-based developer is building the 276-unit Residences at Oak Hill on a 45-acre tract west of the intersection of State Highway 71 and U.S. Highway 290 in Southwest Austin. Dustin Slack, vice president of multifamily development for McShane, says that with single-family home prices in Southwest Austin pushing the limits of affordability, there's an opportunity for new luxury rental communities that appeal to the area's growing high-tech workforce.
"There is an enormous demand for luxury rental communities due to the recent completion of the corporate headquarters for AMD (Advanced Micro Devices Inc.) together with over 1 million square feet of new corporate campus office space in the immediate area," says Slack. He also points out that the project is positioned near Sunset Valley to the east and the Hill Country Galleria to the west.
The garden-style rental community will feature a combination of one-, two- and three-bedroom units ranging in size from 600 square feet to 1,300 square feet.
Slack expects the first units to be available in January 2009. Cadence McShane Corp. will provide the general construction services working in concert with project architect and Austin-based Chiles Architects Inc.
Financing for the development has been arranged by the Dallas office of Holliday Fenoglio Fowler LP.
McShane Corp. also continues a high level of real estate activity within the commercial Austin real estate market with over 300,000 square feet of industrial and 600,000 square feet of office space currently under development.
Source: Austin Business Journal