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2/27/23
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A 182-unit condominium development in the South Lamar section of Austin, TX has landed construction financing of $75 mil. The money was provided by Knighthead Funding LLC.
Situated on an 80.9k sf site at 2323 South Lamar Blvd, just five minutes from the capital city’s central business district, the five-story development will offer a variety of floor plans including studio, one- and two-bedroom homes as well as four live work units. The project will also include more than 6k sf of street-level retail and office space. It is slated for completion in the second half of 2024.
South Central Austin is known as one of the most desirable areas to live in the Austin metro, highlighted by its access to the high-profile food and entertainment venues. According to CoStar, Austin is likely to outperform many of its peer markets thanks to its high percentage of young adults. Roughly 25% of the metro's population is between 20 and 34 years old, including a large portion of students who choose to stay after graduation.
“Fortune 500 companies continue to relocate to Austin bringing a steady stream of new residents that will further drive demand for the kind of housing that this project is providing,” noted Knighthead Principal Jonathan Daniel.
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