CP Capital’s John Begley, ZOM Living’s Jason Haun and rendering of Azola Avery Centre (Linkedin, JHP)
Residential investment firm CP Capital and developer ZOM Living are building a 359-unit multifamily complex, estimated to cost $173,000 per unit, at one of the largest master planned communities in North Austin.
The estimated cost of construction for Azola Avery Centre, at 3801 North A.W. Grimes Boulevard in Round Rock, is $62 million, according to a Texas Department of Licensing and Regulation filing, but exact financial details have not been released.
Azola Avery Centre will be a part of the Avery Centre, a 1,200-acre, master-planned community about 25 miles north of Austin in Round Rock.
One-, two- and three-bedroom apartments will be spread across 14 buildings rising three stories, according to a company announcement. The project is expected to break ground in January, while the first units are expected to open in Q2 of 2024. Final construction is expected to be completed in 2025.
A clubhouse with a game room, resident lounges, a fitness center, a pet spa and a swimming pool are among the community amenities.
The City of Round Rock, as part of its comprehensive plan, has stated that more than 6,000 units of housing will be developed by 2030.
“Austin’s diverse mix of employment opportunities and growing population of young professionals and families make Azola Avery Centre the perfect fit for those in search of high-quality rental housing with easy access to the city,” said Jason Haun of ZOM Living.
CP Capital, previously called HQ Capital Real Estate, is a multifamily focused investment manager based in New York, according to its website. Founded in 1989, It has invested in about $15 billion in real estate through its funds and separate accounts on behalf of institutions and family offices.
ZOM Living is based in Orlando and focuses on luxury multifamily development. The firm has jointly ventured or directly developed over 24,000 apartment units nationwide, with an aggregate value of nearly $5 billion, according to its website.
While the resi market has cooled recently, North Austin development shows little signs of slowing, as companies such as H-E-B, Dell, Apple, Samsung and Hewlett Packard continue to attract growth to cities such as Round Rock, Hutto and Pflugerville.
Jim Gaines, economist for the Texas Real Estate Research Center, in a recent housing market report said Texas is uniquely suited to avoid an economic downturn compared to other parts of the country.
“The continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region place Austin in a unique position to weather any potential downturn,” he said.
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