Rapidly changing South Austin gets more luxury apartments – News – Austin American-Statesman
More luxury apartments are coming in a rapidly changing part of the far south of Austin.
South Florida real estate investment firm PointOne Holdings, in collaboration with developer NRP Group, has built a new luxury class A apartment community of 308 units at 8103 S. Congress Ave., north of Slaughter Lane.
The project, called Knoll at South Congress, includes a club room and business center, high-end fitness center, resort-style pool, and dog park and pet spa. Additional amenities include an indoor and outdoor lounge, a package concierge service, elevators, attached garages and a bicycle storage room.
The units will feature stone countertops, designer furniture, stainless steel appliances, parquet floors and electronic units throughout.
The Knoll at South Congress will join the burgeoning corridor that encompasses more than 2.2 million square feet of retail, restaurants, and bars, including Thirsty Planet Brewery at 8201 S. Congress Ave. and a future Gold’s Gym at the intersection of South Congress and Slaughter. Meanwhile, HEB is building a new grocery store on Slaughter and Interstate 35.
“We are pleased to be making a significant contribution to the redevelopment of such an extraordinary section of South Congress Avenue, Austin’s most famous street,” said Alastair Jenkin, vice president of development for the NRP Group. “Our project, along with the new HEB grocery store, Thirsty Planet Brewery, and planned retail and restaurant space, will create a vibrant, walk-in bag that is just minutes from downtown.”
Construction of the 13.3 hectare site is expected to begin in the next few weeks.
The prices for the units were not disclosed, but Leo Peicher, principal of PointOne Holdings, said they were cheaper than apartments near central Austin.
“The residents of the Knoll at South Congress will live Austin’s lifestyle without traffic congestion and enjoy lower rents than in the urban core,” said Peicher.
The project comes at a time when Austin rents and occupancy have increased. After two years of flat rents in 2016 and 2017, house prices rose to their highest level in history by the end of 2018, according to Charles Heimsath, real estate consultant in Austin.
The average occupancy rate at the end of the year was 93.1% after 92.2% in December 2017.
Heimsath said 2018 ended with the average rental for a one-bedroom unit at $ 1,128 per month, while Austin two-bedroom units averaged $ 1,421 per month. These are increases of 5.2% and 4.8% respectively compared to December 2017.