Austin Business Journal reports, "Minneapolis-based United Properties LLC has opened its first two Austin-area multifamily properties, and it has plans for more.
The pair of projects, located in South Austin, add hundreds of apartments to the city. Victor Young, senior vice president of Austin commercial development at United Properties, said the company has additional multifamily developments in its pipeline but nothing to announce yet.
The first of the two projects is Bishop Momo, located at 4341 S. Congress Ave. in the St. Elmo District. Bishop Momo is a 274-unit property with one- and two-bedroom apartments, according to an announcement. Overall, the property is 256,510 square feet.
Apartments at Bishop Momo are leased primarily at market rate, but 28 apartments are affordably priced, said Brenda Studt, development director at United Properties. Of those affordable apartments, 14 are priced at 80% median family income and 14 are priced at 50% MFI.
For reference, 80% MFI for a three-person household in Austin was $88,050 as of June, and 50% MFI was $56,700, according to the city of Austin.
Bishop Momo also has 6,000 square feet of retail space available for lease. United Properties is in final negotiations with two undisclosed tenants for just-under 5,000 square feet, leaving about 1,000 square feet left to lease, Studt said.
The second United Properties development welcoming its first residents is Shelby Ranch. That property is located at 2210 Lynnbrook Drive, near a popular strip of bars along Menchaca Road, including Armadillo Den, Lustre Pearl South and others.
Shelby Ranch is a 302-unit project. For now, 147 units are opening to residents, and the remaining 155 units are nearly complete with final inspections scheduled for November, Studt said.
Apartments at Shelby Ranch come in studio, one-, two- and three-bedroom floor plans.
Situated on eight acres, Shelby Ranch is a certified wildlife habitat featuring honey-producing bees, raised garden beds, native plants, fruit-bearing trees, rainwater collection and numerous rain gardens and dry creeks, according to the announcement.
Key stakeholders on both projects include Belshaw Mulholland Architects as architect, TBG Partners as landscape architect, Civil & Environmental Consultants Inc. as civil engineer and OHT Partners as contractor.
United Properties established its Austin office in 2020, and in 2023 moved into Colorado Tower downtown. Besides multifamily development, the company also develops industrial, senior living, retail, office and mixed-use properties, according to its portfolio. Another recent United Properties development includes a 435,000-square-foot industrial project on three dozen acres at the intersection of Howard Lane and State Highway 130. That project is going through the permitting process, with construction expected to begin in 2025, Young said."
Source: Austin Business Journal
Written by: Cody Baird
Published: November 1, 2024
Posted by Grossman & Jones Group on
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