Mark Pustka and Joe McAllister with McAllister & Associates recently sold a 13 acre affordable housing site in Austin. The parcel’s location is in the 7600 block of Old Manor Rd near Springdale Road in NE Austin.
Rise Residential Development purchased the property and represented themselves in the transaction. They plan to construct a 264 unit apartment community. The community’s design focuses on families with children. Rise is one of the largest developers of affordable multifamily in the US. Over the last 3 years Rise ranks 7,8 and 19th nationally in annual value built.
The targeted market for this community is affordable housing – a significant concern for the City of Austin and its residents. According to the Texas Tribune “The Austin area had the smallest percentage of homeowners and renters — 59 percent and 40 percent, respectively — able to afford the monthly payments of a median priced home.”
McAllister & Associates has served Austin and the Central Texas with over 30 years of quality commercial real estate services.