"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.

The location is particularly appealing in that it's situated close to campuses for Dell and Abbott Laboratories. In addition, a retail developer is eyeing a tract in the immediate vicinity for a multi-big box project, Lovette tells GlobeSt.com. "We like this site," he emphasizes as he talks about what others have in the development pipeline. The Austin market is such, he says, that GenCap has its eyes on another parcel in the region.

GenCap had been part of a joint venture for the Rocking Horse Ranch community in Round Rock, but is going it alone on Scofield Ranch. GenCap also is developing the Villages at Cypress Creek in Houston and Silver Oaks in Grapevine, a Dallas suburb. Dallas-based Duke Inc. is a development partner on Silver Oaks.

Scofield Ranch units will range from one bedroom to three and carry monthly rents of about $710 to $1,455 for 617 sf up to 1,455 sf. Units will boast such amenities as gourmet kitchens and oval garden tubs while a select few also will be outfitted with computer kiosks and fireplaces. The controlled-access community will feature a resort-style clubhouse with a 24-hour exercise room, billiards room, business center, private park with jogging trail and two swimming pools.

The Dallas-based real estate investment advisor is providing the construction debt and equity financing. GenCap affiliate, Genesis Capital Advisors LLC, has arranged the financing package with capital originating from several Dutch pension funds. In the past 30 months, GenCap has invested $145 million in the development of more than 2,052 class-A units in Dallas, Houston and now Austin. Its other holdings consist of class-A office and industrial buildings in the southwest and southeast US.