AUSTIN, TX - GenCap Partners, Inc. expands its Austin real estate investment portfolio with the acquisition of 26 acres of the Manor Crossing mixed-use development in Manor, Texas to build a 2-phase, 586-unit apartment community. The new project, The Park at Manor Crossing, will be located on the northwest corner of SH290 and FM973 within the mixed-use Manor Crossing Development, which will include a grocery anchor and other national retailers. The site is located within a convenient commute to expanding tech companies in the East Austin area such as Tesla and Samsung.
The first 301-unit phase of The Park at Manor Crossing is anticipated to begin construction by the 4th quarter of 2022. Phase II will include an additional 285 homes with construction commencement targeted for the 4th quarter of 2024 and move-ins by the summer of 2026.
"We're excited to be a part of this well-timed, master-planned development in Manor, one of the fastest growing cities in Texas. Housing in the Manor area of town is sorely needed as many new residents are moving to this submarket for the fast-growing job market driven by the relocation of large employers nearby. We plan to be one of the premier housing options for these new residents, as our project will be among the most attractive and highly amenitized in the market," says David Castilla, CEO of GenCap Partners, Inc. "We are designing one of our newer product mixes of traditional multifamily homes, but will also offer residents townhomes and other larger units that are popular as single-family home prices have made home ownership unattainable for many.”
The Park at Manor Crossing community will be built to the National Green Building Standard Bronze certification level. The design of the community also seeks to integrate foot and bike traffic within the master-planned development. When complete, the surrounding master-planned development will showcase over 200,000 square feet of commercial space, including a grocery store, retail and restaurants, and even a new K-8 school being built by the Manor Independent School District. The project will include scenic walking paths around two large water features with fountains as well as practical pedestrian paths connecting the community to the new school and retail areas.
With the development’s proximity to Highway 130, the area's key north-south thoroughfare, this commuter-friendly location is convenient to major tech giant employers such as Telsa’s $1+ billion Gigafactory to the south and Samsung’s $17 billion semiconductor plant under development to the northeast. Manor’s population is currently growing at a rate of 17% per year and has increased by 286% since the 2010 census. Based on this accelerated trajectory, Manor is poised to be one of the fastest-growing suburbs in the Austin MSA area.
The Park at Manor Crossing will offer upscale studio, one, two, and three-bedroom apartment homes and multilevel townhomes with den layouts. Carefully curated community amenities will include an expansive outdoor swimming pool with grilling area, alfresco dining, resident clubhouse, onsite dog park and pet spa, exquisitely landscaped courtyards, and a club-quality fitness center with cardio equipment, golf simulator, group fitness area, yoga studio, and TRX system. Residents will also enjoy access to convenient coworking spaces and a conference room, a package locker system, community-wide Wi-Fi, controlled entry and guest access, garage parking, EV-charging stations, dedicated bike storage, and opportunities for additional storage space.
Apartment interiors will be designed with modern comforts in mind, including nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, pull-down faucets, kitchen islands, soft-close cabinets, in-home washers and dryers, walk-in closets, built-in shelving, USB ports, keyless entry system and smart thermostats, and additional high-end features. Bathrooms will boast single or double vanities, linen closets, soaking tubs, and walk-in showers.
The Park at Manor Crossing adds to GenCap Partners, Inc.’s growing Austin presence, as the company continues to multiply its project pipeline throughout central Texas. Currently, GenCap Partners has 1,964 units in planning or development in the Austin area.
About GenCap: GenCap Partners, Inc. provides real estate investment advisory, asset management, and development services to domestic and international investors in core markets in the Southern USA. The firm focuses on creating value and superior returns for its clients through investments in multifamily and office products. GenCap Partners develops between $300 million and $400 million in new multifamily projects annually.