Austin’s Riverside Area Continues to Reel in Developers

AUSTIN, TX—With an eye toward the appeal of the Riverside area near Oracle’s campus, Aspen Heights Partners recently started construction on a 323-unit multifamily community. Located within the East Riverside Corridor on Willow Creek Drive, the four-story property will feature a mix of one- and two-bedroom market-rate apartments with a four-story parking garage.

The development will also have two interior courtyards and a rooftop deck with a swimming pool and fitness center. Select apartments will have balcony access.

“We see tremendous potential in Riverside, which benefits from its access to arts, entertainment, restaurants, shops and everything that the greater Austin area has to offer,” said Greg Henry, founder and CEO at Aspen Heights. “It’s our top priority to continue to deliver best-in-class projects, and we are actively seeking new development opportunities to strategically grow our portfolio of multifamily, student housing and active adult housing projects.”

Aspen Heights’ development in Riverside is one mile from Oracle’s corporate campus and less than five miles from the University of Texas at Austin. Leasing is expected to begin in November 2020.

“The East Riverside Corridor has seen an exciting influx of new businesses, restaurants, residential and mixed-use development that has energized the area,” said Todd Gaines, division president at Aspen Heights Partners. “We look forward to delivering an exceptional community with a quality of life that exceeds the typical apartment rental experience.”

This development comes on the heels of Aspen Heights’ 2019 completion of The Independent, a 363-unit luxury condominium complex and the tallest residential tower in Texas. Additional Aspen Heights properties in Austin include Concord, a garden-style multifamily property in the center of South Austin, Rise on 8th, a 22-story apartment building in downtown Austin and Aspen West Campus, a 17-story student housing property near the University of Texas at Austin Campus.

In addition, Aspen Heights Partners subsequently broke ground on its first active adult community, Dolce Vita at Cibolo Canyon located at 4130 Cibolo Canyons St. in San Antonio. Henry says Aspen Heights is particularly mindful of the current health issue enveloping public spaces and is acting accordingly on this and other projects.

“Our active adult community, Dolce Vita at Cibolo Canyon, will be approached tactfully and we’ll be taking the necessary precautions when it comes to the overall design and development of this property to ensure its properly equipped for social distancing and other needs brought on by the pandemic,” he tells GlobeSt.com.

Overall, Aspen Heights is looking at a multitude of prospective developments in a variety of strategic areas, Henry says.

“Aspen Heights Partners is continuing to evaluate and pursue development opportunities to strategically grow our portfolio in various segments of the multifamily market. At Aspen, we’re continuing to see a high demand for renters in a variety of markets and are well equipped to cater to the specific needs of each sector as opportunities arise,” he tells GlobeSt.com. “Aspen Heights has a deep history in developing and owning student housing communities across the US, and we still see tremendous potential to continue to grow this part of our business. While our properties are built to accommodate student preferences, it’s important to note that we are not affiliated with the universities in our markets and our lease agreements are independent of academic schedules.”

In addition, Henry says health and safety are taking center stage within the firm’s student housing properties as well.

“At our existing properties, tenant safety is the utmost importance and we’ve implemented numerous measures to ensure we comply with all CDC guidelines,” he tells GlobeSt.com. “We believe student housing will remain resilient in the long term and while the college experience may change, we expect there to continue to be a strong need for community and residential housing at and nearby universities moving forward.”

During the past three months, the top five multifamily markets in Austin were the Outlying Metro with -0.1% annualized growth and 10% absorption, San Marcos/Kyle/Buda with -1.2% annualized growth and 0.8% absorption, Northeast with -5.4% annualized growth and 0.6% absorption, Cedar Park/Leander/Four Points at -6.8% annualized growth and 0.8% absorption, and I-35 South at -6.3% annualized growth and 0.4% absorption, according to ApartmentData.com.