Austin Market Triggers 450-Unit Luxury Project

AUSTIN-GenCap Partners LP is plotting a 450-unit luxury apartment project in north central Austin, marking its solo entry in the region as it eyes more land for another area development.

“The Austin market’s done very well and has a very high occupancy,” Jack Lovette, Dallas-based GenCap vice president of acquisitions, tells GlobeSt.com. The firm recently has closed on a 38-acre tract that is part of Scofield Ranch and situated on the west side of Interstate 35, across the highway from Dell’s Parmer Lane campus. The project will be aptly called Scofield Ranch Apartment Homes.

The site plan’s in place as are the zoning and platting for the project that will be built near the intersection of N. Lamar Boulevard and Parmer Lane. Now, Chiles & Associates of Austin has to fine-tune the design so the project can go out for bid, says Lovette. He expects that contracts will be awarded in about 60 days. A groundbreaking month has not been set, but it’s anticipated that it will occur in this year’s second quarter, with an eye on an early 2002 delivery.