Leon Capital Breaks Ground on MF Project on Austin’s South Congress
The development marks the first multifamily project in Austin for the Dallas firm.
AUSTIN–Leon Capital is betting on Austin’s millennial population as it builds out its first development in the city in the evolving South Congress corridor.
The Dallas-based investment firm recently started construction on Society, a Class A 262-unit multifamily project along South Congress Avenue, less than 10 minutes from downtown Austin.
Blake Schroeder, director of multifamily development for Dallas-based Leon Capital, tells GlobeSt.com that he grew up in Austin and has seen firsthand the growth along South Lamar and East Austin.
“There’s a lot of supply coming online from a retail and housing perspective, and we’re seeing a lot of momentum on South Congress – specifically south of 290,” he says. “We thought this was a good opportunity to jump in front of the curve and offer residents a unique housing opportunity in this area. This allows us to build a unique product type that should capture a lot of the demand we’re seeing in Austin.”
Leon Capital recently completed construction of Hillstone at Wolf Ranch in Georgetown, but Society marks its first multifamily project in Austin proper.
Much of the existing housing currently available on South Congress are for-sale units, notes Schroeder. Leon believes the fact that Society is a for-rental development will appeal to Austin residents, particularly millennials who want to live close to downtown and/or those who like the option of working from home.
The property will include one, two and three-bedrooms, and will be built out with smart home technology. Pre-leasing is expected to begin next summer with the first units slated for delivery in the fall of 2019.
“At the same time, the amenity package will allow residents to work in a unique creative space since Society will offer a technology lounge and individual offices to rent on the property so they can leave their apartment but don’t have to leave the community,” Schroeder says. “We think we’re going to capture the young working professional and telecommuters.”
Leon Capital acquired the vacant 6.1-acre land late last year. Rhode Partners is the Society project architect and LG Wade Construction is the general contractor.
Leon Capital recently completed construction of Hillstone at Wolf Ranch in Georgetown, located along on the San Gabriel River. Over time, Leon Capital has overseen more than 300 investments, representing a total capitalization of more than $3 billion.