A sprawling apartment complex with an estimated $31 million price tag is on its way to Texas’ capital city.
Indiana firm Kittle Property Group plans to build Northwind Apartments at 11105 Cameron Road, about two miles from Samsung’s Austin semiconductor factory in northeast Austin. The project will include 12 apartment buildings, a clubhouse and nine garage buildings, according to a filing with the Texas Department of Licensing and Regulation.
The estimated construction cost for the 363,000-square-foot project is $31.4 million — about $87 per square foot. Construction is slated to begin in November and be complete by June 2025. Kittle’s filing does not include information about the number of residential units planned for the development.
Kittle will develop the multifamily project and manage the complex.
The property, currently the location of an onsite storage and shipping business, is in a stretch of land north of the city that’s ripe for more development. Reger Holdings is developing EastVillage, a $1 billion, 425-acre master-planned community, across the road from the current Samsung plant.
Los Angeles company Tides Equities paid more than $70 million — about $167,000 per unit — for a nearby 34-building, 420-apartment complex in northeast Austin in July.
Samsung is also expanding in the area and has a $17 billion fabrication facility under construction in nearby Taylor. The South Korean company recently filed plans for 11 more semiconductor plants in the region. That move has already spurred suppliers and other related businesses in the area to step up their own development plans.
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