3 Zoned Multifamily/Build-to-Rent/Seniors Sites (Austin MSA)
Land | 42.99 acres
Marketing description
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership (Lender Owned) to offer developers and investors the opportunity to purchase three MF-4 zoned development sites on which you can construct garden style multifamily, senior housing, or build-to-rent (the “Sites”). The Sites are located just southeast of Austin, TX in rapidly growing Del Valle a mile east of TX-130. Additionally, the tracts are close to major destinations in the Austin-Round Rock MSA such as Austin-Bergstrom International Airport (2 mi. North), the Tesla Gigafactory (4.5 mi. North), and Circuit of the Americas (1 mi. Southeast).
The offering is made up of a 26.99+/- acre site (“Tract 1”), a 8.27+/- acre site (“Tract 2), and a 7.73+/- acre site (“Tract 3”) all contained within the larger Moore’s Crossing development/Municipal Utility District. Tract 1 has a concept plan showing 212 townhomes depicting the maximum amount of units allowed per the zoning. Tracts 2 and 3 have concept plans depicting multifamily developments with 172 units and 178 units respectively. The Sites can be bought together or separately.
Pricing:
Tract 1: $5,500,000
Tract 2: $2,400,000
Tract 3: $2,275,000
To gain access to the Due Diligence Vault click on the link below:
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A 1% co-broker fee is available to a Co-Broker that sources a Principal that VREA has not previously contacted in any format or sent information regarding this opportunity; a third-party broker must identify and register their client upon initial contact with VREA.
Investment highlights
Strategic Location
Located with frontage along Ross Road and McAngus Road, the Sites are less than a mile east of TX-130, allowing for easy travel to the rest of Austin and other major Texas employment nodes.
Within a 5-mile radius of the Site are various highly-trafficked destinations such as Austin-Bergstrom International Airport, the Tesla Gigafactory, and the Circuit of the Americas.
The Site is located within Del Valle ISD. Nearby schools within the Sites attendance zone include Popham Elementary (less than a mile north), Del Valle Middle (2 miles north), and Del Valle High School (2.5 miles north).
Zoning
Tract 1 is zoned MF-4 with a conditional overlay only permitting 212 units on the Site. Tracts 2 and 3 are zoned MF-4 which allows for a density of between 36-54 units per acre depending on unit size.
In addition to garden style multifamily, the MF-4 zoning also allows for a variety of uses including but not limited to build-to-rent, duplex residential, townhome residential, senior housing, and single-family residential.
Purchaser to do their own due diligence related to the zoning, allowable unit count, and utilities.
Population and Demographics
Per the US Census Bureau, the population of the Austin-Round Rock MSA was up 32% between 2020 (2,283,371) and 2020 (1,719,289).
CoStar predicts that the suburban submarkets of Austin could see more favorable annual rent growth in 2024 compared to urban submarkets within the MSA.
Within the immediate area, garden-style multifamily assets are achieving asking rents up to $1.96 psf.
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