AUSTIN, TX—Behringer Harvard of Dallas says it has invested in Seven RIO, a 220-unit luxury high-rise multifamily community slated for development in the West Sixth Street District of downtown Austin. The development site is on West Seventh Street, on the northeast corner of its intersection with Rio Grande.
Behringer Harvard Multifamily REIT I, Inc. has provided equity capital for the construction of the 24-story luxury tower, which will begin this month.
“We expect Seven RIO to benefit from a strategic location in downtown Austin with convenient access to employers in the central business district as well as many shopping, dining and entertainment venues that contribute to Austin's exciting nightlife,” said Mark Alfieri, chief operating officer the REIT. “We are pleased to be partnering with CWS Capital Partners on our first development project in Austin.”

CWS Capital Partners LLC, a real estate investment firm with co-headquarters in Austin and Newport Beach, Calif., will serve as the developer for Seven RIO. During the last decade, CWS Capital Partners has developed approximately 3,000 multifamily units, primarily in the Southwest.

Seven RIO will offer common amenities including a resort-style pool, state-of-the-art fitness center, business center, club room, and patio area with a fireplace and built-in grills. The apartment homes will offer one or two bedrooms, up to two baths, and an average of 924 square feet each.