A proposed Austin, Texas, residential apartment project has received a $33.3 million investment from a local reality capital corporation.
The investment for the development of a garden-style multi-family project came out of a partnership between Trez Capital and Thompson Realty Capital, LLC. This pays a third of the project’s total development cost of $100 million.
This project will be a two-phase development containing 504-unit garden-style apartments with a first-class leasing office, amenity center, and resort-style pool. The project design will incorporate the natural landscape of the Texas Hill Country, preserving the live oaks onsite.
Thompson Realty Capital will serve as property manager upon project completion. Trez Capital and Thompson Realty Capital have delivered three multi-family projects totaling 843 units throughout Texas, with realized returns exceeding 20 percent per annum for each project.
Additionally, Trez Capital and Thompson Realty Capital have three other multi-family projects currently under construction in Texas totaling 896 units. The Larkspur project marks the seventh joint-venture project with Trez Capital and Thompson Realty Capital.