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Austin: Minnesota Developer Proposing $75 Million Apartment Development for Southern Portion of City

Feature Photo: Aerial view, from Old Lockhard Road, of the proposed Old Lockhart Apartments. Image: Google. 

Posted: 4-27-2021

by Art Benavidez

Austin (Travis County) — A Minnesota developer anticipates a bond agreement, along with a resolution to participate in financing, for a 300-unit apartment development, during today’s Travis County Commissioners Court meeting.

Commissioners are on track to pass a resolution, approving a $45 million bond with the Texas Bond Review Board.  

A single-family house and a mobile home stand on a north portion of the project site proposed for what will be the Old Lockhart Apartments. However, much of the 15.92-acres remains undeveloped.

The development will be located at 10258 Old Lockhart Road in the southern portion of the city.

Roers Companies, the developers, will apply for a four percent tax credits on the project, which is aimed at individuals earning between 30% and 60% of the area median income.   

Total cost of the development is projected at $77,978,957, with construction expected to be complete within 20 months of closing.

Travis County Housing Finance Corporation (TCHFC) will be the $45 million bond issuer and wholly-owned subsidiaries of TCC Hill Country Development Corporation will act as the general partner and the general contractor, according to county documents.

This will be the first project on which TCHFC has partnered with Roers Companies.

The adoption of the initial resolution and the approval of agreement to issue bonds is one of many steps Roers Companies needs to qualify for bond insurance, which is not anticipated to be secured until late 2022.

The project to take shape is to have 10 garden style, three-story buildings, providing a total of 300 units. There will also be a community building.

The unit mix will consist of 60 one-bedroom/one-bath units (700 SF), 120 two-bedroom/one-bath units (1,000 SF), 116 three-bedroom/two-bath units (1,250 SF) and five, four-bedroom/two-bath units (1,450 SF).

Unit amenities will include granite countertops, LVT flooring, carpet bedrooms, Energy Star appliances, in-unit laundry, LED fixtures, patios/balconies and WaterSense bathroom fixtures.

Property amenities will include a leasing office, clubhouse with Wi-Fi, business center, pool, playground, indoor and outdoor play area, fitness center, community room, package lockers and a dog run.

The development will offer tenant programs and services, including an on-site service coordinator, adult professional training, notary services and monthly social events.

VBX Project ID: 2021-2E8A


art@virtualbx.com

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By |2021-04-28T08:47:42-05:00April 27th, 2021|Construction Preview, Feature Story|

About the Author:

Art Benavidez (Construction News Reporter, Central Texas) is a seasoned journalist with over 15-years of experience in writing breaking news and in-depth features at the local level. He honed his research and reporting skills in newspapers and magazines throughout South and West Texas along with expertise in crafting digital content as Managing Editor of New Image Marketing Research Corporation. Benevidez is a Texas native and graduate of UT-RGV.

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