Link Logistics' Luke Petherbridge with 11209 Metric Boulevard (Link Logistics, Google Maps, Getty)

TheRealDeal reports, "a Blackstone subsidiary is gearing up for a big multifamily project in North Austin.

Link Logistics Real Estate Management, led by CEO Luke Petherbridge, filed to rezone the  6-acre site at 11209 Metric Boulevard to allow for a five-story complex with nearly 500 units, the Austin Business Journal reported

Link Logistics is requesting to change the property’s industrial zoning designation to allow multifamily and retail uses. Austin’s Zoning and Platting Commission is scheduled to discuss the matter on Jan. 30. 

Multifamily developers are flocking to Austin to capitalize on the city’s unprecedented growth. Roughly 18,000 units were built during the first nine months of 2023. Over 7,500 units were built in the third quarter alone, nearly doubling the 4,000 completed during the same stretch in 2022.

It’s possible builders were a little overzealous. Austin’s apartment occupancy rate fell to 89 percent in the third quarter in part because of oversupply. That’s down from 92 percent one year prior, the outlet reported.

Blackstone is the largest commercial property owner in the world, and its Austin portfolio holds roughly 9 million square feet of residential, hotel, retail, storage and logistics space.

Blackstone has been especially active in the industrial space. Link Logistics is developing a $28 million, three-building complex totaling 370,000 square feet in Round Rock, just north of Austin. The firm is also nearing completion of Settlers Grove, a $38 million, 631,000-square-foot warehouse project in the same area."

Source: TheRealDeal

Written by: Quinn Donoghue & TRD Staff

Published: January 29, 2024

Posted by Grossman & Jones Group on


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