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Continued Demand for Housing Sparks More Development

AUSTIN, TX—Austin employers created more than 38,000 new jobs in the last year and with housing demand exceeding supply, there are few signs that population growth is going to slow anytime soon.

multifamily Lenox Springs in South Austin recently broke ground.

AUSTIN, TX—With no signs of the population slowing anytime soon, demand for quality housing continues to be at the forefront of development plans. A luxury community that fits the bill is Lenox Springs in South Austin, which recently broke ground. Austin-based multifamily developer Oden Hughes says the property will include 660 class-A apartments when completed.

Located along the southbound Interstate 35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in the fall of 2017. The one-, two- and three-bedroom units in the first phase are expected to rent for between $1,000 and $2,000. The start date of the second phase, consisting of 260 units, has yet to be determined.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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