Austin Business Journal reports, "A new apartment complex with half of its units priced at below-market rates could be coming to East Austin,
Called FiveOne, according to a filing with the Texas Department of Licensing and Regulation, the project would encompass roughly 500,000 square feet and include five stories of apartments and a parking garage in a single building. The location, at 5525 E. 51st St., is in the 78723 ZIP code, which is among the top 25 ZIP codes in the region, in terms of poverty rate, while also having a higher home value than the metro’s median home sales price, according to ABJ research.
The owner and developer of FiveOne is an entity named 5525 E 51st Street LLC, which has a Shoal Creek Boulevard address matching that of Ledgestone Development Group. Representatives of Ledgestone Development didn't respond to a request for comment.
The project, located on four acres just west of U.S. Highway 183, would include 344 apartments, with half affordably priced, according to a site plan filed with the city. In total, 20% of the apartments would be priced for households earning at or below 50% of the median family income, and 30% of the units would be priced for households earning at or below 80% of the MFI. The remaining 50% would be market rate.
In Austin, 50% MFI for a three-person household was $60,250 as of June, according to Austin’s Housing Department, while 80% MFI for that same household was $93,800.
Though the proposed building is 500,000 square feet, not all of it would be apartments. The apartments would be built around a seven-story parking garage, which would push the building’s height to around 75 feet.
Construction of the project is expected to begin Jan. 9, 2026, and wrap up Jan. 14, 2028, according to the TDLR filing. Information in TDLR filings is considered preliminary and subject to change.
If it comes to fruition, FiveOne would help address housing affordability in Austin, which has long been an important issue. In September, the median sales price of a home in the metro was $420,000, according to the Austin Board of Realtors. The 78723 ZIP code that FiveOne is located within has a poverty rate of 12.7%, the 22nd highest rate among the metro’s 85 ZIP codes and the 14th highest among Austin's 42 ZIP codes, according to ABJ research.
Meanwhile, the 78723 ZIP code has a Zillow Home Value Index — a seasonally adjusted measure of the typical value in a market — of $506,080. That means homes in the ZIP code are valued at almost $100,000 more than the most recent metrowide median sales price of a home, $420,000, though they're lower than Austin's September median sales price of $550,000."
Source: Austin Business Journal
Written by: Cody Baird
Published: November 3, 2025
Posted by Grossman & Jones Group on
Leave A Comment