Blackburn puts $137M into developing Georgetown rental communities

Georgetown keeps on sprawling. 

Blackburn Homes is planning to build hundreds of new homes in the fast-growing city just north of Austin. The firm is working on a $137 million built-to-rent and multifamily development at 2010 County Road 122 North near Old Settlers Park, filings with the Texas Department of Licensing and Regulation show.

The filings detail two developments. The first, called Farms at Settlers Park, would consist of 164 built-to-rent townhomes totaling around 290,000 square feet. That is estimated to cost $58 million, or almost $354,000 per townhome.

The other, called Settlers Park Junction, would have the same square footage and 306 multifamily units, for an average of 947 square feet each. It is estimated to cost $79 million, or about $258,000 per unit. 

Work is slated to begin in June 2024 and last two years, according to the filings. Denver-based residential architect Kephart is attached. 

The development is one of several around the park by volume homebuilders, including two by Meritage Homes. Georgetown and surrounding cities, like Hutto and Round Rock, have been some of the fastest-growing cities in the country in recent years, bringing unprecedented development to land that was recently rural.    

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Earlier this year, Austin’s home inventory reached an eight-year high as closings fell nearly 20 percent on the year. However, buying activity has returned somewhat, and many homebuilders believe people are accepting higher mortgage rates. 

Blackburn is based in Oxford, Mississippi. It has another residential project in Georgetown, the Heights at San Gabriel, and has similar projects in Kyle and Leander. The firm did not return a request for comment by publication time.