Work is set to start on a 84-unit apartment complex in Leander, a bucolic town about 30 miles north of Austin in Williamson and Travis counties.
The Glenwood Apartments, on Bagdad Road just across the street from Leander High School, will be three stories tall, with a total of about 95,000 square feet. They’ll be adjacent to Bahama Buck’s and Dollar General, according to a report by Community Impact Newspaper.
The apartment complex will have one- and two-bedroom options and 126 parking spaces, and residents will have access to an amenity center that includes the leasing office, an internet cafe, and a sitting area.
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“[Glenwood] is well located near restaurants, a theater, the high school, and [it’s] a safe neighborhood,” said Glenn Gonzales, owner of the property and CEO of Obsidian Capital Co. Glenwood Apartments is expected to be completed by spring of next year, and will include 10,000 square feet of retail and office space.
With 35 years of experience in real estate investment, Obsidian Captial has acquired more than 6,000 units across the state of Texas alone, with over 400 million acquisitions in total across the nation. Gonzalez has helped sell those 6,000+ units since 2018.
Because it offers fewer amenities than other Class A apartments in the area, rent will be less expensive, Gonzales says.
Texas multifamily is drawing increasing investment as migration to the state picks up, with developers building new apartments and investors buying existing properties at increasing prices.
For instance, the California-based firm Tides Equities recently closed on the purchase of a 181-unit apartment complex in Austin, its third multifamily acquisition in Texas’ capital city.
Another firm, RockFarmer, purchased a 210-unit apartment complex in the Austin area in April. The New York-based development and investment firm purchased the Sofia apartment complex April 25 for an undisclosed price, marking its third venture in the Austin market and the sixth overall in Texas.
[Community Impact Newspaper] — James Bell