AUSTIN – (Realty News Report) – The Michaels Organization, headquartered in Camden, New Jersey, has broken ground on a 307-unit multifamily development at 5700 East Riverside Drive in Austin.
The $59 million project represents Michaels’ first development in Austin, one of the fastest-growing cities in the United States.
Named Zoey, the mid-rise community at 5700 East Riverside Drive will provide housing near the Colorado River waterfront and the Oracle campus located east of downtown Austin.
The development will consist of five- and six-story buildings and include resident amenities such as a dog-wash station among other common features.
MSC Architects, LLC of Dallas, Texas, serves as the master architect for the project. Michaels Construction is the general contractor, and The Michaels Organization will handle property management. Financing was arranged by Berkadia’s JV Equity & Structured Capital Group, led by Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt.
While this is Michaels’ first project in Austin, the company has long been active elsewhere in Texas, owning and managing affordable housing communities in Houston and Midland. Later this summer, Michaels will open Mission Trail at El Camino Real, a new mixed-income housing community in nearby San Marcos that is intended to serve the city’s expanding workforce.
March 12, 2020 Realty News Report Copyright 2020
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