“Younger generations like millennials have personal incomes that aren't growing as fast as rental rates in most areas, yet they want to live in the middle of restaurants, bars and entertainment areas,” says Delk. “This project will answer that growing demand for more efficient, affordable living space that is located close to numerous amenities.”

The general contractor is Martines Palmeiro Construction, and the architect is Wilder Belshaw Architects. Comerica provided the financing for the project.

Transwestern Development Co. is also developing a two-building, 445,952-square-foot project directly across the street from Indie Apartments that includes a 94,500-square-foot, class-A, creative office building and 350 multifamily units with 10,000 square feet of ground-floor retail space. The office building, located at 1645 E. Sixth St., is 100% leased and The Arnold apartments will begin leasing this month. The retail space will be occupied by restaurants Gatto Nero, Enoteca Gattino, and Blenders and Bowls, as well as urban grocer, Royal Blue.

“We strategically planned these two projects, Indie Apartments and The Arnold, and its adjacent office building, to complement each other and provide a suite of amenities for residents of both communities,” said Delk. “The residential population in this area is a diverse mix–old and young, permanent residents, business travelers and visitors, etc.–so we have designed living spaces to cater to a variety of renters. Because we are developing so much land in this immediate area, Transwestern Development Co. is able to create a cohesive environment among all its projects.”

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AUSTIN, TX—Transwestern Development Co. acquired nearly 0.5 acres and will construct a 139-unit multi-housing property with a 2,500-square-foot restaurant space in East Sixth, a thriving entertainment district just east of downtown. Indie Apartments, a specialty micro-unit community at 1648 E. Sixth St. will consist primarily of 350-square-foot studio units and 520-square-foot, two-bedroom units.

The 55,814-square-foot build will result in fully furnished apartments, designed to maximize space through built-in storage units and flexible furniture systems such as Murphy beds, hideaway kitchen modules and convertible tables. Transwestern Development Co. projects groundbreaking to take place in June 2016 with the first units expected to deliver in August 2017.

Josh Delk, vice president at Transwestern Development Co., tells GlobeSt.com: “The project is targeting millennials who want to live in dynamic urban areas at a price point that fits within the parameters of their budget. The preference among this demographic is to live in highly walkable areas where the neighborhood and surrounding amenities are readily available. They spend the majority of their time in public spaces and gathering with friends in common areas, thus making the need for large private space less of a priority. Additionally, millennials tend to value experience over material goods and prefer the flexibility that comes with owning less and doing more. In addition to millennials, micro housing functions well as a second residence, a more permanent option for business travelers, and as short-term rentals extending beyond a traditional hotel stay.”

Located less than one block from the Plaza Saltillo metro station, Indie Apartments is in a rapidly gentrifying area of Austin that has embraced the arts as well as the local food scene. The project will feature a large communal area that will flow from the inside of the lobby into the outdoor courtyard, which will feature fire pits and outdoor televisions. The development and design team maximized space by including 108 below-grade parking spaces, as the residential population in the area embraces walking, biking, light rail and ridesharing as alternatives to owning a vehicle, and parking is in lesser demand than traditional multifamily projects.

“Younger generations like millennials have personal incomes that aren't growing as fast as rental rates in most areas, yet they want to live in the middle of restaurants, bars and entertainment areas,” says Delk. “This project will answer that growing demand for more efficient, affordable living space that is located close to numerous amenities.”

The general contractor is Martines Palmeiro Construction, and the architect is Wilder Belshaw Architects. Comerica provided the financing for the project.

Transwestern Development Co. is also developing a two-building, 445,952-square-foot project directly across the street from Indie Apartments that includes a 94,500-square-foot, class-A, creative office building and 350 multifamily units with 10,000 square feet of ground-floor retail space. The office building, located at 1645 E. Sixth St., is 100% leased and The Arnold apartments will begin leasing this month. The retail space will be occupied by restaurants Gatto Nero, Enoteca Gattino, and Blenders and Bowls, as well as urban grocer, Royal Blue.

“We strategically planned these two projects, Indie Apartments and The Arnold, and its adjacent office building, to complement each other and provide a suite of amenities for residents of both communities,” said Delk. “The residential population in this area is a diverse mix–old and young, permanent residents, business travelers and visitors, etc.–so we have designed living spaces to cater to a variety of renters. Because we are developing so much land in this immediate area, Transwestern Development Co. is able to create a cohesive environment among all its projects.”

Austin development is abundant. What are the active markets? Who are the key players? Join us at RealShare Austin for market intelligence and the best networking in the biz.