Austin Will Need to Increase Rental Inventory 50% by 2030
Transwestern has responded to a need for efficient and cost-effective living in Austin, demonstrated by the success of its first micro-unit project, the Indie, followed by Block 36 near the Sixth Street district.
AUSTIN, TX—With the goal of developing its third micro-unit community in the Austin market, Transwestern Development Co. recently acquired a 0.56-acre site at 817 W. 12th St. Located across from the newly renovated Austin Community College main campus, the property will include 147 units and 3,600 square feet of ground-floor retail space.
Regional partners Ty Puckett and Josh Delk are leading the development, which is scheduled to break ground in the second half of 2020, with delivery in 2022.
“The site is an excellent location for a wide variety of residents, from students to established professionals,” said Puckett. “This project will offer Austin residents the opportunity to live in one of the nation’s most desirable areas at an affordable price point while still enjoying the benefits of being downtown.”
The project will consist of studio, one- and two-bedroom units. Averaging 444 square feet, apartments will feature Murphy and platform beds, hideaway kitchen modules and convertible coffee/dining/bar tables. Units will feature full-sized stainless steel appliances, quartz countertops, pendant lighting and custom-made Italian furniture. The community will have a resident clubhouse, pool, bike storage, laundry facilities, courtyard and fitness center.
“Transwestern has identified and responded to a need for efficient and cost-effective living in Austin, demonstrated by the success of our first micro-unit project, the Indie,” said Delk. “By offering a luxury environment and class-A amenities with smaller floorplans designed to maximize efficiency, we’re providing better value for renters seeking a premium product in a compact space.”
In 2018, the firm completed construction on the Indie, its first micro-unit project in Austin, as Delk mentions. Transwestern is currently developing Block 36, a micro-unit community between East Third and East Fourth streets on Waller Creek.
Block 36 will consist primarily of studio units with 14% of the community slated for two-bedroom units, GlobeSt.com learns. With the apartments averaging 443 square feet, the unit designs maximize efficiency with Murphy and platform beds, hideaway kitchen modules, convertible coffee/dining/bar tables and modular furniture.
Block 36 provides proximity to the Sixth Street entertainment district, Rainey Street, state capitol, University of Texas and Austin Convention Center. With a walk score of 95 and a bike score of 96, the project is near entertainment, shopping, restaurants and parks.
“Austin will need to increase its inventory of rentals by nearly 50% by 2030 to keep pace with projected demand,” said Delk. “With much of that demand coming from workers aged 20 to 34, Block 36 will be a walker’s paradise offering proximity to both the central business district and various entertainment destinations.”
Delk explains that the success of micro-units–whether in Austin or other metros–is not simply about putting more units into an apartment building.
“Understanding the needs and lifestyle preferences of consumers in dense urban markets is a critical component of attracting and retaining residents,” Delk tells GlobeSt.com. “Space efficiency must address the demands of the target audiences for this product, which are primarily young professionals who place high value on quality, convenience and location when making housing choices.”