East Austin Continues to Shine With Employers and Investors

The Mosaic is part of the 711-acre mixed-use Mueller Redevelopment.

AUSTIN, TX—East Austin is an established residential area two miles from the University of Texas and four miles from the Central Business District. The area is mounting a revitalization as both major employers and desirable retailers move into the neighborhood. “Led by robust technology sector hiring, Austin is a national leader in job growth and boasts one of the lowest unemployment rates in the country,” said Jeffrey Torto , senior managing director of CBRE Global Investors . “Employers are attracted to the area’s highly educated labor force, lower cost of doing business, business-friendly tax environment and expanding cluster of industry-leading technology firms. These trends are expected to continue over the next five years and will continue to support strong rental demand.” To that effort, The Mosaic at Mueller , a class-A, 441-unit mid-rise apartment community has been acquired by CBRE Global Investors’ US managed accounts group on behalf of Allstate . The Mosaic is 96% occupied. The apartments are located at 4600 Mueller Rd., part of the 711-acre mixed-use Mueller Redevelopment . When completed, Mueller Redevelopment will consist of more than 4 million square feet of office and retail, 5,700 residences, and 140 acres of recreational amenities including parks, biking and hiking trails, lakes and a golf course. Torto tells GlobeSt.com: “While in some markets, there are concerns that multifamily may be reaching its peak, we believe that in certain types of submarkets, there are still very good opportunities for investment. Mosaic is well-located in an area with a highly educated labor pool and significant job growth, especially in the technology sector, which is driving robust rental demand.” With spacious units that are among the largest among competing residences, Mosaic features wrap-style construction and contemporary high-end unit finishes including granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes. The property also features a comprehensive amenity package including a 1,800-square-foot fitness center, two pools, five courtyards with grilling areas, garage parking and 8,669 square feet of fully leased ground floor retail, which all help to differentiate it from competitors. Minor cosmetic updates are planned for the common areas. “The Mosaic at Mueller is a strong addition to our portfolio based on both the property’s high quality and Austin’s ongoing growth,” said Edgar Alvarado , head of real estate equity at Allstate. “In Austin and other areas of the country, we also continue to see strong demand for apartments with desirable amenities that are close to recreation areas, shopping and workplaces.”