New RiverView Apartments to be Built in Austin

Jones Lang LaSalle Inc.’s Capital Markets team out of Houston recently secured construction financing of $35 million to build Austin’s new RiverView Apartments.The RiverView apartments will be the first high-rise residential development in south Austin. The new apartments are set to open in 2013. The equity for the project is being provided by CDK Realty Advisors based out of Dallas, and Bank Of America will be providing a three-year loan with two, one-year loan extension options.

Senior Vice President Jimmy Board of the company’s Real Estate Investment Banking unit said, “Multifamily developments are still a well sought-after opportunity as proven by the significant interest from a number of construction lenders for this infill-class A apartment development.” The team was able to secure competitive pricing and terms for the borrower due to the location of the project and plans for high-end finishes coupled with a strong amenity base, Board said.

The complex will be 280,000-square-feet, sit on four acres, and have 302 units. It will be located at the intersection of I-35 and Riverside Drive, along Lake Lady Bird near downtown. The community will consist of four buildings that will vary between five and eleven stories tall. The population of Austin is growing, and new homes and apartments are being made available everyday.

Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.