AUSTIN-Real Estate Development Services, a Houston-based developer, is tackling its first Austin project–a $40-million, 536-unit complex situated on 38 acres in the Northwest Corridor.

And, Austin’s explosive economy is the bait that has lured the developer, which specializes in multifamily, subdivisions and office projects, to the city. “There’s a very strong demand, 98% occupancy and a market with a strong population growth and job growth,” Bob Stratton, Real Estate Development Services’ president, told GlobeSt.com.

“The Verandah,” a class-A development near Lake Travis, is Stratton’s largest undertaking in the company’s four-year history. The project broke ground yesterday and is scheduled for completion in two years. In a city where a “view tax” is assessed on renters, this development is situated in the heart of the Hill Country, known for its rolling hills, outstanding rock formations and eclectic villages with tourist-based economies. The property also is within sight of a nature preserve.

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