Austin Business Journal reports, "Two big multifamily projects are in the works for North Austin.
Developers have filed plans with the Texas Department of Licensing and Regulation for two projects that would see almost 800 residences and more than one million square feet of new development built over the next two years. They're planned at a time when the city is grappling with elevated vacancy rates in its multifamily market, but there's a hope that by the time they're delivered, the market will be in a healthier place.
Brockton Residential
The first of the two new North Austin projects is called Brockton Residential. From Atlanta-based Portman Holdings, the project is being planned at 2545 Brockton Drive, according to the TDLR filing.
The development is planned to rise on 3.9 acres just north of Q2 Stadium across West Braker Lane, according to Travis Central Appraisal District, and while the building height is unknown, the project would be 700,000 square feet. According to Portman’s website, it would feature 425 residences and 13,000 square feet of retail space.
Construction on the project is expected to begin in November and wrap up in May 2027. The estimated cost of the project is $71 million, according to state filings. It should be noted that TDLR filings are preliminary in nature and details are subject to change.
The property is currently developed with a 61,330-square-foot office building built in 1977.
Portman Holdings did not respond to a request for comment.
Aspire at Big
The second big multifamily project is called Aspire at Big. Developed by San Antonio-based Mission Development Group, Aspire at Big will be built on about 6.8 acres of undeveloped land at 1100 E. Braker Lane.
Aspire is smaller than Brockton Residential, but still sizable with 369 units planned, according to TDLR. The project will consist of five four-story apartment buildings, a four-story amenity center and a five-story parking garage totaling 552,954 square feet.n
The project carries an estimated price of $60.3 million, and work is expected to kick off in June 2026 and wrap up one year later, state filings indicate.
Mission Development Group did not respond to a request for comment.
The bigger picture
Multifamily vacancy rates in Austin reached 15% in June, according to ApartmentData.com. It's an elevated level that's a concern for developers and property managers because high vacancy rates lead to lower rental rates and less development as investors hesitate to back new projects.
Charles Cirar, vice chairman at commercial real estate firm CBRE and the top seller of multifamily properties in the region, recently said the positive absorption trend means rental rates and occupancy could pick up by next year.
“If the market continues to absorb anywhere close to 2024 demand, the narrative will turn to a rental shortage and steeply escalating rents by mid-year 2026,” he said, adding that projected deliveries “fall off a cliff in 2026 and 2027.”"
Source: Austin Business Journal
Written by: Cody Baird
Published: July 3, 2025
Posted by Grossman & Jones Group on
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