PointOne Holdings of Hollywood, Fla., and Ohio-based NRP Group have partnered to develop a new Class A community in the South Congress neighborhood of Austin, Texas. Completion is slated for 2020.
The 308-unit development, dubbed The Knoll at South Congress, will spread across a 13.3-acre site and will consist of two midrise structures with surface parking. It will include elevators, a resident clubroom and business center, a fitness center, a resort-style swimming pool with outdoor grilling areas, a dog park and spa, attached garages, a community sky-lounge, package concierge service and bike storage. Units will feature stone countertops throughout, designer cabinetry, stainless steel appliances, hardwood style flooring and electronic unit entries.
The property location will benefit from visibility along the South Congress corridor and walkability to retail venues such as the adjacently planned H-E-B and Thirsty Planet Brewery, as well as more than 2.2 million square feet of stores, grocery, bars and restaurants.
Following last year’s supply deliveries that totaled some 10,500 units, the metro had nearly 19,000 units underway as of December, according to Yardi Matrix. Despite the surge in completions, demand is robust in the Texas capital, the occupancy rate in stabilized properties rising 50-basis points year-over-year through April to 94.4 percent.
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