A workforce housing development is set to deliver 341 apartments to rapidly growing Southeast Austin, with half of the units priced below market rates.
NRP Group and the Housing Authority of Travis County have partnered on the Preakness Apartments, a planned affordable housing project located at the intersection of East Slaughter Lane and Capitol View Drive, the Austin Business Journal reported.
The project is designed to help alleviate the housing affordability crisis while contributing to the growth of Southeast Austin and will provide one- and two-bedroom apartments.
The Preakness Apartments will offer 69 units for residents earning up to 60 percent of the area’s median income and 102 units for those earning up to 80 percent AMI. The remaining 170 units will be offered at market rates.
The 60 percent AMI for a three-person household in Austin was $63,120, as of last July, making affordable housing an option for middle-income residents who may otherwise struggle to find housing in the city.
NRP Group has a track record of affordable housing projects in Austin.
Last month, the Cleveland-based developer started construction on a 328-unit affordable housing development at 6205 Ross Road, another Southeast Austin project initiated through a public-private partnership. The Ross Road Apartments will offer half of its units at reduced rates, following the same model as Preakness.
Developers are transforming Southeast Austin with residential, mixed-use and industrial projects underway.
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Presidium Group’s massive Velocity project is going up near Austin-Bergstrom International Airport, while Houston-based Patrinely Group and Realterm are developing a 439,000-square-foot industrial project off McAngus Road. Meanwhile, Brookfield Properties and Stream Realty Partners are building industrial complexes in the area.
— Andrew Terrell
