Austin Business Journal reports, "Two multifamily projects are moving forward in North Austin that could collectively bring more than 600 new apartments to the city and create more opportunities for builders, contractors and more.
Austin City Council approved a zoning change on April 18 for a roughly 10-acre site at 10911 Stonelake Blvd., just north of the North Burnet and Gateway district. That change, from limited industrial zoning to multifamily, sets a path for the construction of about 400 apartments.
The council also approved a zoning change from general office to mixed-use on a 9-acre site at 13614 Metric Blvd., allowing for 238 new multifamily units near the Wells Branch neighborhood to move forward.
Don Reese, founder and partner of Austin-based real estate investment firm Riverside Resources, is behind the Stonelake property, while the Metric Boulevard site is owned by Woodforest National Bank, according to past reporting. It is not yet clear who the developer behind that project will be.
Multifamily housing construction continues to boom in Austin, even as rents fall and vacancies rise.
Roughly 18,000 multifamily units were built during the first nine months of 2023, according to commercial real estate firm Partners. In the third quarter alone, production nearly doubled compared with the same period in 2022, from 3,996 to 7,508 units built. But that huge increase in supply has led to a decline in occupancy rates, which fell to roughly 89% in the third quarter from 92% in the year-ago period, Partners reported.
Rental vacancies increased from 9.8% in the first quarter of 2023 to 14% as of March, according to data collected by the CoStar Group."
Source: Austin Business Journal
Written by: Mike Christen
Published: April 19, 2024
Posted by Grossman & Jones Group on
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