CSW Development plans out fifth multifamily project in growing market

Austin firm is building out over 550,000 square feet of multifamily space by 2025

(Illustration by The Real Deal with Getty)
(Illustration by The Real Deal with Getty)

CSW Development is expanding its multifamily footprint with a massive new apartment project in Austin’s Govalle neighborhood.

The developer has filed plans to build a 552,000-square-foot multifamily complex in Austin, dubbed CSW 5th Street in state records, for about $67 million. The project — which is actually located at 5211 East 7th Street — will begin construction in March of next year and is expected to be completed by June 2025, and will consist of a five-story multifamily complex with a 6-story parking garage.

While the company specializes in commercial and retail projects, this will mark its fifth multifamily project in the Austin market, one of which is in the same complex as a 63,000-square-foot Class A office complex developed by the firm.

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Several companies are buying into the Austin multifamily market as housing costs and inventory continue to ramp up across the market.

As the city’s population and residential market continue to expand, projects like CSW 5th Street are becoming increasingly common. OHT Partners for instance is building over 750 multifamily units in the South Austin district to fulfill the city’s growing needs, and another Austin firm, Zion Capital, has been investing big time in the capital city’s market.

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