Rental Developments Aplenty Dot the Metro

Addison at Kramer Station tops the list as the largest, with 388 units brought to local inventory.

AUSTIN, TX—With a skyline sprinkled with cranes and buildings under construction, Austin’s apartment market is as strong as ever. Thousands of units are being added to the apartment inventory, occupancy rates are very high, despite climbing rental rates, and high-end new construction is in demand by renters with more discerning taste. Apartment builder optimism is obvious when analyzing at the number of developments completed and delivered in 2015. As many as 17 finished projects were large rental developments according to data from Yardi Matrix . That segment alone added 5,028 new apartments for rent in Austin last year. Camelia Bulea , marketing communications specialist, RENTCafé , tells GlobeSt.com: “With 17 multifamily developments of 50-plus units completed in 2015, a total of 5,028 new apartments have been delivered to market by this segment. The enthusiasm continues in 2016, when a total of approximately 10,000 apartments are expected to be added to the local inventory, doubling the number of new units delivered last year. Most of these developments bring new, high-end units to meet the high demand from renters with discerning taste.” Yardi analysts recently compiled the top 10 largest apartment developments completed last year in Austin. Luxury for lease is the selling agenda at each and every one of those on the list, from the infinity edge pool at The Catherine and the quartz countertops in kitchen and bathrooms at the Broadstone Arboretum , to the all-inclusive luxury green living experience at the Hanover South Lamar , and the on-site dog spa for the four-legged residents at Addison at Kramer Station . This property tops the list as the largest, with 388 units brought to local inventory. Located at 2601 Esperanza Crossing, Addison at Kramer Station, an apartment community of seven separate three-story buildings, was completed in October 2015. There are 132 one-bedroom/alcove apartments, 70 one-bedroom apartments, 160 two-bedroom apartments, 25 three-bedroom apartments. The property size is 350,772 square feet, which includes 507 parking spaces. Each unit has kitchen islands for additional cooking space, large windows with solar shades and frameless showers. There is a fully equipped fitness center, resident demonstration kitchen, clubhouse with expansive lounge seating and a pool.