Argosy Real Estate Partners Acquires Opportunity Zone Site for the Development of a Multifamily Project in the Velocity Master-Planned Community in Austin, TX
We are pleased to announce that Argosy Real Estate Partners, in partnership with Presidium, has acquired an approximately seven-acre Opportunity Zone site in Austin, TX for the development of a 307-unit multifamily community. The project is located in the Velocity master-planned district and is conveniently located along the Highway 71 corridor, approximately two miles from the Austin-Bergstrom International Airport, and close to major employers, including the Tesla Gigafactory and Oracle.
The wood-framed, surface-parked project is scheduled to be delivered in the spring of 2025. and will feature unit sizes averaging 820 sf, which are intended to appeal to the large number of young professionals that work and live in the area. The project will consist of one to three bedroom units, ranging in size from 375 to 1,399. Amenities will include stainless steel appliances, “smart” technology features, nine-foot ceilings, walk-in closets, mud rooms, and built-in workstations.
The investment was made alongside Presidium, a Texas-based, privately-owned real estate investment, development and management firm with an existing real estate portfolio totaling approximately $3.5 billion in assets under management.