The Chimneys
UNO Redevelopment - Covered Land Play - MF - Commercial Zoning
Marketing description
Positioned within the University Neighborhood Overlay (UNO) in Austin, this asset combines in-place income with rare vertical redevelopment capacity. The property currently produces NOI and is offered at an approximate 2 cap, which reflects the market’s recognition that the true value driver is the dirt rather than the existing improvements. UNO entitlements allowing heights up to 145 feet create a clear path to materially increase density in a submarket defined by persistent student demand and constrained land supply.
From an operator’s lens, the income supports carry while planning and entitlements are advanced, but the strategic thesis is vertical intensification. Few sites in this corridor offer both current income and the ability to scale FAR through high-rise or mid-rise product. The pricing begins to make sense when viewed as a covered land play with embedded upside rather than a stabilized yield acquisition.
Investment highlights
Located inside the UNO redevelopment district with height potential up to 145 feet
In-place NOI provides interim yield and offsets holding costs during planning phase
Student-driven leasing dynamics support rent growth and long-term occupancy stability
Irreplaceable infill site in a supply constrained, academically anchored corridor
Clear redevelopment thesis focused on vertical density and highest and best use conversion
Pricing at a 2 cap reflects land value and future buildout potential rather than current improvements
Opportunity to reposition from low-rise income asset to high-density vertical product aligned with market demand
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