Austin Church Eyeing 880-Unit Rental Project
LifeFamily Church is looking to transform its 19-acre LifeFamily Mueller site into a mixed-use development.
The Austin Business Journal reports the church has plans to construct 880 multifamily units and 15,000 square feet of religious assembly space on the site. The redevelopment plans would involve demolition. It’s not clear whether LifeFamily plans to make any or all of the units income-restricted. According to the application, the church does not plan on using any tax credits or government funding.
Similar projects include the Housing Authority of the City of Austin’s plans to construct a new affordable housing development at the 19-acre St. John’s site, and The NRP Group is partnering with Austin ISD to turn the former Anita Ferrales Coy school site into an affordable multifamily complex.
Redevelopments have been favored by some developers to push back against high land prices and to keep eventual living costs down in some of Austin’s most desirable locations.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout