Hunt Building Corp., based in El Paso, TX, developed the apartments, which were financed with $15 million of private activity, multifamily, non-recourse bonds and 4% low-income housing tax credits. Hunt will manage the property. The company has developed nearly 250 apartment projects.

The income requirement for tenants is that family income is at or below 60% of the median family income of the Austin area, which is $42,650 for a family of four. Situated at 701 Woodward St., Blunn Creek Apartments are within walking distance of St. Edward's University. The gated complex has one-, two- and three-bedroom apartments and complemented by a business center and fitness facility.

The south submarket's apartment vacancy rate was 7.8% in the second quarter, up from 3.3% a year earlier, according to Phoenix-based Hendricks & Partners market report. The city's overall vacancy rate rose to 7.9% from 4.5%.