It nails down development on the southeast corner of the intersection known as Four Points. The northeast corner includes an H-E-B grocery and a JPI apartment project. Development on the corners on the west side of RM 620, now occupied by convenience stores, could be the hampered by environmental restrictions. And, Montandon Oaks, as the development is called, could be the last multifamily project in the area until job creation perks up.
The 17-acre site was sold in the past month to the developers by the Montandon family, which has extensive real estate holdings in the Austin area. The asking price was $3.85 per sf, which is about $2.86 million for the tract. The sale price was not disclosed.
Montandon Oaks will consist of 25 buildings, offering 28 one-bedroom, 113 two-bedroom and 14 three-bedroom townhouse units with attached garages. It also will have a clubhouse, swimming pool, executive business center and fitness center. It is close to Lakeline Mall and Lake Travis. A Walgreen's store fronts the property.
The advantage that the project might have is its townhouse arrangement, says Joyce Weedman, a land and commercial specialist with NAI/Commercial Industrial Properties Co. in Austin. She and Eric DeJernett represented the Montandon family in the land sale. The units are larger than apartment-style units and stacked atop garages.
Apartment occupancy dropped to 94.1% at midyear, a drop of nearly 4% from July 31, 2000, according to a report from Dallas-based M/PF Research. Weedman says employers have been attracted to the Four Points area and probably will continue to set up shop there as the economy improves.
Fairfield has seven other apartment properties in Austin: Sonterra I and II, Stoneleigh, Spraddlecreek, Centebrea Crossing, the Preserve at Rolling Oaks and Talavera.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
